The United Utilities Board has proposed a final dividend of 33.19 pence per ordinary share in respect of the year ended 31 March 2024. This is an increase of 9.4 per cent compared with the dividend last year, in line with the group's dividend policy of targeting a growth rate of CPIH inflation each year through to 2025. The 9.4 per cent increase is based on the CPIH element included within allowed regulated revenue for the 2023/24 financial year (i.e. the movement in CPIH between November 2021 and November 2022).
Other financial highlights include:
Underlying operating profit of £518m, reported operating profit of £480m
Underlying EPS of 33.3p, up from -1.3p, and reported EPS of 18.6p
Low level of gearing at 59% and solid credit ratings
Re-entered the Euro bond market, pricing a €650m 10.25yr green bond - 3.8x oversubscribed
Liquidity extending into 2026; AMP8 funding underway
