United Utilities Witnesses Some Demand Stabilization
Britain's largest listed water Company United Utilities posted that it was witnessing some stabilization in industrial and commercial demand following its report of an inline 5.8 percent squeeze in adjusted pretax profit.
"It's bumping along the bottom. We're not seeing a big uptick but we're not seeing a further deterioration," outgoing Finance Director, Tim Weller quoted to reporters on Friday.
Industrial and commercial demand was recorded to slip by 5 percent over the year as the recession emerged.
Its shares were witnessed to mark a rise as much as 2 percent after announcing the results, landing amongst the top bluechip risers, also nudged by an upgrade to Add at Evolution Securities.
The water supplying firm that facilitates the service to nearly seven million customers in the north west of England posted that its debt levels, where customers cannot pay their bills, had also touched about 3.5 percent of revenue.
For the year to end-March, United Utilities announced underlying pretax profit of 500.4 million pounds, marking a fall from a restated 531.3 million pounds in the previous year, triggered by an increase in the cost of net borrowings.
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