Exceptional items level up United Utilities' reported interim pre-tax fall

Adjustments, particularly dry weather costs and a fair value loss on debt and derivatives in the previous year levelled up a reported pre tax profits slump of more than £60m at United Utilities for the six months to 30 September.

Underlying interim pre tax profit was up £4m year on year to £244m. Dry weather exceptional adjustments during the previous first half came in at £25m. That along with fair value losses of £43m last year following gains in the current report period at £62.6m offset a reported £64.5m fall in income to £195.1m.

Underlying operating profit up 6.5% to £391.7m reflecting a rise in interim revenue of £18.9m to £935m and a £13m cut in infrastructure renewal expenditure to £68m.