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United Utilities posts £475M profit

United Utilities posted a profit of £475M for the year ended 31 March 2008, a year in which it spent over £800M on infrastructure.
The UK's biggest publicly traded water company doubled its full-year profits after it was allowed to raise charges and sold its electricity distribution network.

Underlying profit before tax from continuing operations rose 17% to £475.6M the company said. Net income for the year ended 31 March rose to £909.2M or 103.2p per share, from £433.5M or 49.2p per share a year earlier. Sales jumped 19% to £2.36bn.

United Utilities chief executive Philip Green said: "We are on track to deliver our regulatory capital programme and have spent £826M on our infrastructure during the year. Our focus on improving operational performance is delivering results. We have improved the level of customer service we are providing and for the second year running have achieved Ofwat's leakage target."

The company's leakage target was an average 465 mega-litres a day for 2007-08. The regulator can fine companies as much as 10% of their water-services revenue for missing targets.

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