United Utilities rises as trading remains in line with expectations
Shares in United Utilities rose as much as 1.27 per cent to 998.50p per share today after it said first half trading remained in line with expectations.
The London-listed firm expects group revenue to be slightly lower in the first half of 2016-17 due to the accounting impact of its Water Plus joint venture with Severn Trent.
But underlying operating profit during this period is likely to come in "marginally higher" than a year earlier, it added.
United Utilities' issued a disappointing set of results in the first half of 2015 which it blamed on regulator Ofwat's new price controls.
Infrastructure renewals expenditure will be slightly lower year-on-year in the first half, but this should increase in the following six months due to the phasing of its five year £3.5bn spending plan.
The company's group net debt at 30 September 2016 is also expected to be slightly higher than the position at 31 March but its debt-to-equity ratio remains "comfortably within our target range".