United Utilities' pre tax income eroded by hike in finance cost

November 26, 2017

United Utilities’ underlying profit before tax for the six months to 30 September 2017 was up just 2.6% to £194m on the same period in the previous year after the impact of inflation on index linked debt upped finance expenses by £29m to £155m. Revenue was up year-on-year 2.7%year-on-year at £876m after the accounting impact of its Water Plus joint venture with Severn Trent offset a £13m increase in income from property disposals.

 

A £16m year-on-year drop in total costs boosted underlying operating profit 10% to £344m. A £34.5m fair value gain in derivatives after a £54.8m in fair value losses at the previous interim is reflected in a 53% hike in reported profit before tax to £242m. 

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