United Utilities Rises in London on U.K. Water Revenue Forecast
United Utilities Group Plc (UU/), the largest publicly traded water company in the U.K., rose today in London trading after forecasting higher revenue and profit.
The Warrington-based water provider climbed as much as 2.8 percent to 710.50 pence at 2:01 p.m. local time after saying first-half sales and earnings will be higher than a year earlier despite a “tough economic climate.” Businesses demand less water when not operating at full capacity.
The utility, whose prices for its water and sewer services are reviewed by industry regulator Ofwat every five years, also said in the trading statement that the company still plans to invest about 800 million pounds ($1.29 billion) in infrastructure and upgrades in 2013-2014.
United Utilities, which serves about 7 million people and 200,000 businesses in northwest England, will report half-year results on Nov. 27.
To contact the reporter on this story: Randall Hackley in London at firstname.lastname@example.org
To contact the editor responsible for this story: Randall Hackley at email@example.com