Customer satisfaction continues to improve, underpinned by strong operational and environmental performance
Photograph: Mick Barton (left) and Shaun Dullaghan, helping to keep Manchester's sewer network blockage-free.
Full year results for the year ended 31 March 2014
|Continuing operations||31 March 2014||31 March 2013|
|Underlying operating profit(2)||£641.3m||£604.2m|
|Total dividends per ordinary share (pence)||36.04p||34.32p|
|Regulatory capital expenditure(3)||£836m||£787m|
- In accordance with the revised accounting standard IAS 19 'Employee Benefits' which applies retrospectively, the prior year has been restated.
- Underlying profit measures have been provided to give a more representative view of business performance and are defined in the underlying profit measure tables in Our performance
- Regulatory capex represents fixed asset additions and infrastructure renewals expenditure using regulatory accounting guidelines; there is no equivalent GAAP measure.
- Regulatory capital value or RCV gearing calculated as group net debt divided by United Utilities Water's RCV adjusted for actual capex (outturn prices).
Delivering for our customers
- further improvements in customer satisfaction as measured through Ofwat's SIM mechanism
- strong performance on Ofwat and Environment Agency KPI assessments
- reinvesting c£280 million of outperformance for customer and environmental benefits
- below inflation growth in average household bills for the ten-year period 2010–20
Effective delivery of capital investment programme
- further improvement on capex delivery; Time: Cost: Quality index (TCQi) up to 98 per cent
- accelerated capital investment programme with a £49 million increase to £836 million in 2013/14
- initiated c£40 million of transitional investment to aid a smoother and more effective start to AMP6
- underlying operating profit up £37 million to £641 million
- RCV gearing 2 per cent lower at 58 per cent, well within Ofwat's assumed range
- final dividend of 24.03 pence per share (total for the year of 36.04 pence), in line with policy
Growth in Business Retail
- continuing to offer and develop a range of value-added services
- largest new entrant and second largest water retailer in Scotland