Profits more than doubled at United Utilities during the first half of its financial year, new figures have revealed.
The Warrington-headquartered North West water supplier has posted pre-tax profits of £426.3m for the six months to the end of September 2022, up from the £212.7m it achieved during the same period in 2021.
The rise in profits came despite its revenue dipping from £932.3m to £919.3m.
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In the 12 months to March 31, 2022, United Utilities posted a revenue of £1.8bn and pre-tax profits of £439.9m.
The surge in profits was mainly as a result of a £255m fall in reported net finance expense.
Chief executive Steve Mogford said: "We continue to focus on the areas that matter most to our stakeholders, delivering sustainable operational improvements for customers and the environment, demonstrating financial resilience and improving regulatory performance, all while providing sector-leading affordability support.
"The North West is home to many of the most deprived communities across the country, and many people are deeply worried about the rising cost of living, which is why we work hard to help customers who are struggling to pay their bills.
"£280m of affordability support is being provided to more than 200,000 households between 2020 and 2025, reflecting both customer social tariffs and company contributions.
"We believe that affordability support should not be a postcode lottery, which is why we are a strong supporter of the Consumer Council for Water's proposal for a national social tariff to help households with their water bills.
"During what has been a difficult macro environment we have shown both operational and financial resilience.
"While we have not been immune to the impact of inflation, we are well placed compared to many as a result of our tight cost management, effective hedging strategy, and regulatory mechanisms providing further mitigation to rising costs.
"Our responsible, long term approach to investing and deployment of Systems Thinking is delivering sustainable improvements and creating long-term value for our stakeholders.
"We are improving water quality, have achieved our lowest ever level of sewer flooding, and are on track to meet our leakage reduction target.
"The Environment Agency has recognised our efforts again by awarding us the highest 4-star ranking for our performance in its latest assessment - the fifth time we have received this status in the last seven years.
"Storm overflows are a huge area of focus for us, and for the sector, and our Better Rivers, Better North West programme sets out a clear plan of action to reduce their use and improve the environment.
"It's a big task but we are already making progress having reduced reported spills by 29% last year and making further progress this year.
"There is more that we would like to be able to do. The Environment Agency recently identified new statutory requirements that companies will be required to deliver in the next regulatory period, AMP8, and beyond.
"While we are strong supporters of this ambitious programme of environmental improvements, the rate of change must consider affordability and deliverability, and we are working with regulators to determine the pace of investment.
"Our resilient financial position, supported by our Systems Thinking approach, sees us well placed to deliver more for all our stakeholders for the long term."
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