We delivered a strong set of financial results for the year and maintained a robust capital structure with appropriate gearing.



Revenue was up £32 million at £1,736 million, reflecting our allowed regulatory revenue changes partly offset by the accounting impact of our non-household retail joint venture, Water Plus, which completed on 1 June 2016.

Underlying operating profit*

Underlying Operating Profit

Underlying operating profit was up £22 million at £645.1 million, reflecting the £32 million increase in revenue and lower operating costs partly offset by an increase in depreciation and amortisation on our increased asset base.

Reported operating profit*

Reported Operating Profit

Reported operating profit was up £31 million, at £636.4 million, reflecting the £22 million increase in underlying operating profit and lower profit last year due to the cost of getting ready for the opening of competition in non-household retail and other restructuring costs.

Total dividend per share

Total Dividend Per Share

Total dividend per ordinary share for 2017/18 of 39.73 pence. This is an increase of 2.2 per cent on last year, in line with our policy of targeting an annual growth rate of at least RPI inflation through to 2020.

* A guide to alternative performance measures and a reconciliation between underlying operating profit and reported operating profit is shown in the Financial Performance section.