United Utilities shares increase on forecast revenues

By Marc Castro

Sep 19, 2013 04:05 PM EDT

The biggest publicly traded water firm in the United Kingdom, United Utilities Group Plc had its share values increased in London after it had announced a forecast of increased revenues and profits. 

The share values of the water company based out of Warrington, England jumped 2.8% to GBP0.71050 per share in early afternoon trading in the local bourse. The company announced that its first half sales and earnings would be higher than the previous year, even in a 'tough economic climate.' The firm said that businesses lower their demand for water when they operate at less than full capacity.

The prices charged by the water and sewerage utility are reviewed evey five years by industry regulator Ofwat. In the trading statement, the company still plans to invest about GBP800 million or USD1.29 billion in infrastructure and upgrades for 2013 and 2014.

The water utility has a client base of 200,000 businesses and 7 million individuals in northwest England. It had set the release of its report by November 27.

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