United Utilities Trading In Line, Proposes 23.13p Final Dividend

23rd Jul 2010 07:23

LONDON (Dow Jones)--United Utilities Group PLC (UU.LN) said Friday that current trading is in line with the group's expectations, and said it is proposing a final dividend of 23.13 pence per ordinary share, taking the total dividend for the 2009/10 financial year to 34.30 pence. MAIN FACTS: -United Utilities believes it is well positioned to deliver outperformance over the next five years. -Based on an RPI inflation rate of 2.5% per annum the group has locked in financing outperformance of GBP300 million over the 2010-15 period. -To date, the group has now agreed non-regulated disposals for a total enterprise value of over GBP450 million. -United Utilities intends to retain the proceeds from these disposals within the group. -The group is continuing to evaluate the expressions of interest it has received for its remaining non-regulated businesses. -The company's financial position remains robust and its asset base continues to grow in line with management's expectations. -The group has headroom to cover its projected financing needs through to the summer of 2012. -Group net debt is broadly in line compared with the position at March 31, ahead of payment of the proposed 2009/10 final dividend. -The impact of the staged reduction in the rate of corporation tax together with the changes to capital allowances, announced in the U.K. Government's budget on June 22, is expected to be broadly neutral in cash terms for United Utilities over the five years to Mar. 31, 2015. -Russ Houlden, is expected to join the group as Chief Financial Officer from Telecom New Zealand by early October. -Charlie Cornish, Managing Director Utility Solutions, is expected to leave the group by Sep. 30, to take up a new -United Utilities continues to experience ongoing revenue and cost pressures. -Shares closed Thursday at 564 pence, valuing the company at GBP3.84 billion. -By Razak Musah Baba, Dow Jones Newswires; 44-20-7842-9275; [email protected] Order free Annual Report for United Utilities Group plc Visit http://djnweurope.ar.wilink.com/?ticker=GB00B39J2M42 or call +44 (0)208 391 6028 (END) Dow Jones Newswires July 23, 2010 02:23 ET (06:23 GMT)