WARRINGTON (dpa-AFX) - United Utilities plc (UU.L, UUGRY.PK), on Tuesday, issued trading update ahead of its full year results on 25 May 2023, and said it expects group revenue for 2022/23 to be around 1% lower than previous guidance.
The company noted that it continues to perform strongly across key ESG indices, having been assessed by Sustainalytics as a Top Rated Company for 2023 and ranked as World Class in the Dow Jones Sustainability Index or DJSI.
Further, United Utilities stated that it has improved its latest Carbon Disclosure Project or CDP score, achieving an A- in the CDP climate change response 2022 and Leadership level across nine of eleven categories as well as being in the top quartile of the non-energy utility peer group.
Group revenue for 2022/23 is expected to be around 1% lower than the prior outlook, reflecting timing effects, primarily lower consumption, which are fully recovered in future years. Operating costs are expected to be inline with previous guidance.
Also, the company sees 2022/23 underlying net finance expense to be around £175 million higher than last year, some £10 million higher than its prior guidance and largely as a consequence of higher inflation. Cash interest is expected to remain stable when compared to last year.
United Utilities now expects an underlying tax credit for 2022/23 of between £15 million and £25 million, reflecting higher interest charge and a change in approach to carried forward tax losses.
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