Year-end pre-tax profit falls 33% at United Utilities

Reported profit before tax at United Utilities for the year to 31 March 2024 was down 33% at £170m. Revenue was up 8% to £1.95bn and reported operating profit was up 9% to £480m.

Revenue increase was largely attributed to inflation. The reported pre-tax income included a net finance expense up 42% to £306m arising from a £13m net fair value loss on debt and derivatives in the reporting period following a £259m gain in the previous year and a £31m profit on the group’s disposal of its renewable energy subsidiary in 2022-23.

The £39m year on year increase in reported operating profit included a £38m exceptional cost associated with a fractured outlet pipe at one of its wastewater treatment plants.

United Utilities’ share of losses from its Water Plus business retail joint venture with Severn Trent Water was up slightly year on year to £4m.