Water company United Utilities ‘making good progress’
WARRINGTON-based water group United Utilities will tell shareholders today that it has made good progress in the first year of its current five year regulatory period.
Chairman John McAdam, who will take the annual meeting in Manchester, said the company has “delivered a sound set of results” which reflect the impact of the regulator’s price settlement with lower average prices for customers last year and increased investment in the business.
He said current trading is in line with the group’s expectations and efficiency initiatives continue to progress well.
The company has met its regulatory target for leakage, but faced criticism this week after floods affected parts of Huyton earlier this week due to a burst mains pipe which sent thousands of gallons of water spurting into the air.
More than 100 householders were evacuated during the deluge and Knowsley Labour MP George Howarth raised the matter in Parliament, noting it was the fifth burst in recent years and raising concerns over the company’s fitness to serve the region.
Mr McAdam will tell shareholders that water stocks across the region are “healthy” at 81% of capacity which is slightly ahead of typical levels for the time of year.
He will tell the meeting: “The group expects to deliver a sound underlying financial performance for 2011/12, despite ongoing cost pressures.”
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