United Utilities Group PLC said Thursday that its performance over the first half of the fiscal year has been in line with expectations, and it expects a drop in underlying operating profit for the period.
The FTSE 100 water utility forecast that its underlying operating profit would fall year-on-year in the six months ending Sept. 30 due to lower revenue and a moderate increase in infrastructure renewables expenditure.
Revenue is expected to decline 5% in the period, largely reflecting allowed revenue changes and lower consumption from businesses as a result of the coronavirus pandemic. This has been partially offset by stronger demand from households, the company said.
The British company said that its performance remains on track against its AMP7 regulatory plan and it continues to target net outcome delivery incentive, or ODI, outperformance for fiscal 2021.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT
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September 24, 2020 at 01:23PM
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United Utilities profit drops, in line with view - MarketWatch
"drops" - Google News
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