To help measure progress on how well we are delivering our purpose and adding value for all our stakeholders, we monitor and measure our performance against each stakeholder group.

Operational performance


Met expectation/ target

Close to meeting expectation/target

Behind expectation/target

Baseline year

Financial performance

We delivered a robust set of financial results for the year ended 31 March 2021, supported by a strong balance sheet with low customer debtor risk, a responsible level of gearing and a fully-funded pension scheme on a low-dependency basis.

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Year ended 31 March
Continuing operations
Reported operating profit602.1630.3634.9636.4605.5
Underlying operating profit602.1732.1677.6639.1612.8
Reported profit before tax551.0303.2436.2432.1442.4
Underlying profit before tax460.0534.8500.9411.0418.7
Reported profit after taxation453.4106.8363.4354.6433.9
Underlying profit after tax383.0486.3449.5389.6365.0
Reported earnings per share (basic)66.5p15.7p53.3p52.0p63.3p
Underlying earnings per share56.2p71.3p65.9p57.1p47.7p
Dividend per ordinary share43.24p42.06p41.28p38.73p38.38p
Non-current assets13,179.013,215.712,466.411,853.611,768.2
Current Assets1,012.9828.4721.41,149.9657.9
Total assets14,191.914,044.113,187.813,003.512,426.1
Non-current liabilities(10,157.2)(9,877.3)(9,025.0)(8,911.1)(8,914.7)
Current liabilities(994.8)(1,204.7)(1,052.0)(1,141.6)(689.8)
Total liabilities(11,152.0)(11,082.0)(10,077.0)(10,052.6)(9,604.5)
Total net assets and shareholders' equity3,039.92,962.13,110.82,950.92,821.6
Net cash generated from operating activities859.4810.3832.3815.6820.8
Net cash used in investing activities(549.3)(593.9)(627.7)(723.2)(804.6)
Net cash (used in)/generated from financing activities(89.7)(27.8)(377.4)184.722.0
Net (decrease)/increase in cash and cash equivalents220.4188.6(172.8)277.138.2
Net debt7,305.87,227.56,990.46,816.86,326.7
RCV gearing(1) (%)62%61%60%61%59%
  1. Regulatory capital value (RCV) gearing is calculated as group net debt (see the notes to our financial statements, note A2), divided by the RCV expressed in out-turn prices, of United Utilities Water Limited.
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The selected financial data set out above should be read in conjunction with the Financial Statements and related notes, as well as with this Strategic Report.