REG - United Utilities Grp - United Utilities Group PLC - Trading Update

United UtilitiesAnnouncement

14/02/2024 07:00

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RNS Number : 0419D  United Utilities Group PLC  14 February 2024

14 February 2024

United Utilities Group PLC

Trading Update

United Utilities has continued to deliver strong operating performance since
our interim results, resulting in no material changes to 2023/24 financial
guidance.

Supporting customers: We have helped around 370,000 customers with
affordability support so far this AMP, and our proposals for AMP8 include our
biggest ever support package which will see us provide 1 in 6 customers with
over £500 million support.

Improving service: We were pleased to be ranked as the number 1 Water and
Sewerage Company (WaSC), and the 5(th) utility company overall out of 31
utility companies in the latest independent Institute of Customer Service
Index survey. This independent survey benchmarks over 280 organisations across
many brands and sectors.

Recognised for our strong sustainability focus: We were pleased to have
improved our Sustainalytics ESG Risk Rating for 2023, placing us 12(th) out of
c.700 global Utilities, and to have been included in S&P Global's 2024
Sustainability Yearbook, with a Top 10% Corporate Sustainability Assessment
(CSA) score within the 74 companies in the multi and water utilities industry.
We maintained our CDP Climate A- score and achieved a B for our first Water
Security Questionnaire, showing our dedication to transparency,
accountability, and leadership in environmental management. We have been
recognised as part of the Taskforce on Nature-related Financial Disclosures
(TNFD) early adopters following recommendations published in September last
year.

ODI performance: Annual rainfall in 2023 was exceptionally high across the
North West(1), with parts of our region experiencing rainfall up to 50% higher
than 2022 and up to 33% higher than the long run average. Since the start of
2023, there have been 14 named storms, of which 9 have occurred since the end
of September(2). This weather has adversely impacted our 2023/24 Outcome
Delivery Incentive (ODI) performance by around £25m. Net ODI outperformance
is expected to be around £40m for 2023/24.

Full year results: United Utilities 2023/24 full year results will be
announced on 16 May 2024.

Notes

(1) Environment Agency Water situation report England January 2024
(publishing.service.gov.uk)
(https://assets.publishing.service.gov.uk/media/65ca15c2cc433b0011a90bfb/Water_situation_report_for_England_January_2024.pdf)

(2) As reported by Met Office UK Storm Centre

Contacts

   Investors and Analysts
   Chris Laybutt, Investor Relations and Clean Energy Strategy Director   +44 7769 556 858
   Anna Oberg, Investor Relations Manager                                 +44 7435 939 112
   Media
   Gaynor Kenyon, Corporate Affairs Director                              +44 7753 622 282
   Graeme Wilson, Teneo Communications                                    +44 207 260 2700

 

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Classification - Trading update

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