Water firm set to meet targets

Jul 26 2008 by Alex Turner, Liverpool Daily Post

WARRINGTON-based United Utilities told shareholders at its annual general meeting yesterday that it is trading in line with forecasts and confident of meeting leakage targets.

The water firm is allowed a 7.8% price increase by regulators in 2008/09 to help fund investment.

It said: “The group is confident of meeting its regulatory efficiency targets across the 2005-10 period, despite increasing cost pressures in areas such as power and property rates.

“The company is making good progress against its key performance indicators of leakage, relative efficiency, pollution, sewer flooding and customer satisfaction and remains on course to meet its medium term targets.”

The water firm has outperformed its regulatory leakage target for the second consecutive year.

United Utilities is preparing to return £1.5bn to shareholders in August after it sold its electricity arm, Norweb, last year.

Last month it unveiled underlying pre-tax profits for the year to March 31 were 17% up at £475.6m, beating the £461m expected by the City.