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United Utilities Group PLC on Tuesday said it expected revenue in the financial year that ends on Friday to have lower revenue than previously expected, while underlying net finance expense is set to widen.
The Warrington, England-based water works said revenue is anticipated to be about 1% lower than previous guidance. In November, the company said it expected financial 2023 revenue to be around 1% lower than £1.86 billion a year prior. It explained that the main reason for the revenue decline is lower consumption.
United Utilities said it expects underlying net finance expense to be around £10 million higher than its previous guidance and about £175 million higher than in financial 2022, when it had an underlying net finance expense of £306.3 million, which was an annual increase of £173.5 million.
Further, United Utilities anticipates net debt to increase compared to £7.83 billion as at September 30.
United Utilities shares were 0.3% lower at 1,032.00 pence each on Tuesday morning in London.
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