Group2014
£m
2013
£m
Share capital499.8499.8
Share premium account2.92.9
Revaluation reserve158.8158.8
Cumulative exchange reserve(5.6)(4.4)
Merger reserve329.7329.7
Retained earnings1,230.3885.1
2,215.91,871.9

The revaluation reserve reflects the revaluation of infrastructure assets to fair value on transition to IFRS.

The merger reserve arose in 2008/09 on consolidation and represents the capital adjustment to reserves required to effect the reverse acquisition of United Utilities PLC by United Utilities Group PLC.

Company2014
£m
2013
£m
Share capital499.8499.8
Share premium account2.92.9
Capital redemption reserve1,033.31,033.3
Retained earnings2,525.92,536.9
4,061.94,072.9

No ordinary shares were allotted during the year ended 31 March 2014 (2013: 79,619 ordinary shares) for the exercise of options in accordance with the rules of the employee ShareSave scheme and the executive share option scheme for a total consideration of £nil (2013: £0.5 million).

As permitted by section 408 of the Companies Act 2006, the company has not presented its own income statement. The results of the company for the financial year was a profit after taxation of £223.3 million (2013: £399.2 million) after accounting for dividends received from subsidiary undertakings of £237.9 million (2013: £432.6 million).