WATER company United Utilities is “on track to deliver a sound underlying financial performance for the year,” said chief executive Philip Green.
In a trading update covering the current year, the Warrington-based utility said it continues to benefit from a “robust financing position” and has “headroom to cover our projected financing needs through to early 2012”.
In January, the company decided not to appeal pricing limits imposed by the regulator Ofwat for the next five-year period of 2010-2015.
Mr Green said: “We are well prepared for the 2010-2015 regulatory period.
“With the extensive efficiency plans we are implementing and the low cost of the group’s debt portfolio, we believe we can deliver outperformance across a broad range of areas.”
The company is considering redundancies as part of its efficiency drive and it revealed that it expects to incur one-off restructuring costs of about £30m in the current financial year, ending March 31.
