United Utilities reports flat pre tax profit after raft of exceptional items
Pre tax profit at United Utilities was up by less than 1% for the year to 31 March 2019 to £432m on revenue up 4.8% at £1,818 million. Reported operating profit was down £1.5 m to £634.9m.
Underlying profit before tax was up £90m to £460m after exclusion of a number exceptional items.. The chief items were £40m from underlying operating profit and £46m from net expense adjustments to exclude items that were not part the “normal course of business.”
Underlying operating profit at £685m was up, year on year, £40m on excluding exceptional expenses from the year end 2018 and the current report year. The chief impact arose from a £36m and expenditure on measures to safeguard continuity of supply in response to the demand hike during last year’s hot summer £6.6m and equalisation measures to address the gender gap in guaranteed minimum pensions.