United Utilities Group Plc (UUGRY.PK, UU.L) reported that profit before taxation from continuing operations for the year ended 31 march 2013 increased to 304.7 million pounds from the previous year's 280.4 million pounds.
Profit after taxation slip to 296.9 million pounds from the prior year's 316.5 million pounds, with profit per share declining to 43.5 pence from last year's 46.4 pence.
Reported profit after taxation from continuing operations declined to 282.3 million pounds, compared with 311.4 million pounds last year, as the increase in underlying profit was more than offset by a decrease in deferred taxation credits associated with the enactment of the reductions in corporation taxation rates between the two years.
Underlying profit after taxation from continuing operations of 266 million pounds was 25 million pounds higher than the previous year, principally reflecting the increase in underlying profit before taxation.
Underlying earnings per share from Continuing operations increased to 39.1 pence from 35.3 pence.
Revenue for the year rose to 1.636 billion pounds, from last year's 1.565 billion pounds principally as a result of the impact of the regulated price increase for 2012/ 13 of 5.8% nominal (0.6% real price increase plus 5.2% RPI inflation) partially offset by reduced volumes and the ongoing impact of customers switching to meters.
The company said it has made good progress on its capital expenditure programme and its disciplined investment approach provides it with confidence that it will deliver a good performance in respect of meeting our regulatory commitments across the 2010-15 period. The company said it remain on track or ahead of schedule in meeting its five-year regulatory outperformance targets.
The board has proposed a final dividend of 22.88 pence per ordinary share in respect of the year ended 31 March 2013. Taken together with the interim dividend of 11.44 pence per ordinary share, paid in February, this produces a total dividend per ordinary share for 2012/13 of 34.32 pence. This is an increase of 7.2%, compared with the dividend relating to the previous year, in line with group's dividend policy of targeting a growth rate of RPI+2% per annum through to at least 2015.
The final dividend is expected to be paid on 2 August 2013 to shareholders on the register at the close of business on 21 June 2013. The ex-dividend date is 19 June 2013.
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