United Utilities underlying pre-tax profit down 12.7% at half year

Underlying profit before tax the end of the half year to 30 September 2020 at United Utilities was down 12.7% to £213m year-on-year on sales reduced 4.4% to £894.4m largely due to a £39.7m cut in bills under PR19.

The underlying figure was net of an £11.4m increase in financial expenses. Underlying operating profit – net of £0.6m restructuring costs – was down 18.5% to £319m.

United Utilities’ share of profit from its Water Plus joint venture with Severn Trent Water at £2.5m was up from a loss at the same point of last year of £5.7m. A pandemic-related fall in non-household consumption of £39.5m was offset by a £25.5m lift in domestic use.