WATER company United Utilities saw its half year revenues lifted by a surge in consumption amid the return of business activity.
Revenue stood at £932.3m for the six months to 30 September, up from £894.4m over the same period last year, and investors were treated to 14.5p per share. The bumper payout came amid soaring non-household revenue which climbed by £68m as business activity returned to prepandemic levels. With more people back in the office, household revenue decreased by £20m but remained above pre-pandemic levels.
"At a time when many families are struggling, we have reduced typical water bills for households in our region by six per cent in real terms over the last two years," said the company's chief executive officer.
A strong performance for United Utilities comes as suppliers feel the heat from the UK water regulator which has warned multimillion pound fines will be issued over unlawful sewage disposal in rivers.
United Utilities reiterated its commitment to "protecting the natural environment", demonstrated by the company's target of achieving net zero by 2030.
This month, Ofwat said it would allow United Utilities to collect an additional £20.5m from customer bills in the 2020-21 financial year to reward it for good customer service.
(c) 2021 City A.M., source Newspaper