Customer satisfaction continues to improve, underpinned by strong operational and environmental performance

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Strong underlying operating profit, up 6% to


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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


Year ended
Continuing operations31 March 201431 March 2013
Underlying operating profit(2)£641.3m£604.2m
Operating profit£636.9m£601.6m
Total dividends per ordinary share (pence)36.04p34.32p
Regulatory capital expenditure(3)£836m£787m
RCV gearing(4)58%60%


  1. In accordance with the revised accounting standard IAS 19 'Employee Benefits' which applies retrospectively, the prior year has been restated.
  2. 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
  3. Regulatory capex represents fixed asset additions and infrastructure renewals expenditure using regulatory accounting guidelines; there is no equivalent GAAP measure.
  4. 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

Strong financials

  • 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