United Utilities: a positive start to AMP8

(by Verity Mitchell)

United Utilities reported half-year results that exceeded analysts’ expectations.

It reaffirmed its guidance for full-year revenue between £2.5bn and £2.6bn. Operating profit was £562m, a 67% increase year on year. Regulated revenue was up 21% to £1,309m in line with expectations.

Earnings per share (EPS) was 52.8p, beating analysts’ expectations by 3%. United Utilities affirmed guidance of 100p for full-year EPS.

Debt/Regulatory Capital Value remained stable at 60%, with capital expenditure on track at £659m and expected to be around £1.5bn by 31 March 2026.

Operationally, the company recorded sewer spills down 40%, and event duration down by 50%.