Skip Header
Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

United Utilities FY profits grow amid Windermere sewage spill controversy

(Sharecast News) - United Utilities said on Thursday that both revenue and operating profits had grown in the twelve months ended 31 March as it continues to be engulfed in a massive sewage spill controversy. United Utilities said revenues were up 8.1% at £1.94bn, while underlying operating profits grew 17.5% to £517.8m. It also said it had swung from an underlying pre-tax loss of £34.3m in FY23 to a profit of £220.5m in FY24.

However, the FTSE 250-listed group was forced to tell investors that it takes its environmental commitments "very seriously" after reports that millions of litres of raw sewage had been pumped into Windermere in England's Lake District as a result of a fault at a pumping station in Cumbria back in February.

United Utilities said the spill was a result of an unexpected fault on the third-party telecoms cable network in the area and said it had taken "urgent steps to resolve the situation".

In its earnings report, United Utilities said it would bring forward roughly £400.0m of investment in its systems to reduce spills at more than 150 storm overflows.

Chief executive Louise Beardmore said: "We take our role in protecting the environment very seriously; our ambitious business plan would see us investing more than ever before to improve services across the five counties of the North West. This would deliver a genuine step-change in infrastructure for the benefit of customers and the environment, and support 30,000 jobs."

As of 0940 BST, United Utilities shares were down 1.47% at 1,095.63p.

Reporting by Iain Gilbert at Sharecast.com

Share this article

Related Sharecast Articles

IMI buys Rotterdam-based TWTG for €25m
(Sharecast News) - Engineering firm IMI said on Thursday that it has bought Rotterdam-based TWTG, "a leader" in smart connected asset monitoring solutions for process industries, for €25m (£21m) in cash.
VH Global constructs, commissions two systems in Australia
(Sharecast News) - VH Global Sustainable Energy Opportunities (GSEO) announced on Thursday that the construction and commissioning of two hybrid solar and battery storage systems in New South Wales, Australia had been completed.
Augmentum Fintech to exit investment in FullCircl
(Sharecast News) - Augmentum Fintech announced on Thursday that nCino, a Nasdaq-listed digital banking platform, had agreed to acquire FullCircl, a regulatory technology (RegTech) platform in which it holds an interest.
Custodian Property sells vacant Solihull office for £1.4m
(Sharecast News) - Custodian Property Income announced the sale of a vacant office unit in Solihull for £1.4m on Thursday, achieving a 33% premium over its valuation as of 30 June.

Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

Award-winning online share dealing

Search, compare and select from thousands of shares.

Expert insights into investing your money

Our team of experts explore the world of share dealing.