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Birmingham Post
Birmingham Post
Business
Tom Houghton

Coronavirus pandemic hits revenues and profits at United Utilities

The coronavirus pandemic has hit revenues and profits at water services firm United Utilities, the company has revealed.

The Warrington-based company warned that first-half revenue to September 30 is expected to be 5% lower than for the same period of last year.

In a trading update issued to the markets on Thursday, it said that was due to lower consumption from businesses as a result of Covid-19, however that was partly offset by a higher consumption from households

The FTSE 100 firm, which supplies water to three million homes and 200,000 businesses, said underlying operating profit for the first half is also expected to be lower - "largely reflecting the lower revenue and an anticipated moderate increase in infrastructure renewals expenditure".

It also said it expects the underlying net finance expense for the first half to be around £30m lower.

Also updating the markets on its pandemic response, the statement added: "Our focus throughout the COVID-19 pandemic continues to be on supporting customers in the provision of essential services whilst protecting our colleagues.

"Throughout the pandemic, we have continued to supply drinking water, take away wastewater and carry out essential repairs for over 3 million households in the North West.

"We have also acted swiftly to support customers who are struggling to pay their bills through our extensive financial assistance schemes. Increasing numbers of vulnerable customers are being supported through our Priority Services scheme."

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