Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on UNITED UTILITIES GROUP PLC. We currently have 6 research reports from 2 professional analysts.
|28Nov16 11:13||RNS||Director Declaration|
|25Nov16 12:50||RNS||United Utilities 2016/17 interim dividend dates|
|23Nov16 07:00||RNS||Half-year Report|
|15Nov16 03:28||RNS||Publication of EMTN Prospectus 2016|
|15Nov16 02:41||RNS||Director/PDMR Shareholding|
|12Oct16 02:11||RNS||Director/PDMR Shareholding|
|30Sep16 12:49||RNS||Publication of Final Terms|
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UNITED UTILITIES GROUP PLC
UNITED UTILITIES GROUP PLC
H1 result in line albeit impacted by fair value adjustments
23 Nov 16
United Utilities reported its first half results and confirmed its guidance. Revenue reached £853m, down £4m yoy, reflecting the accounting impact of the Water Plus JV with Severn Trent completed on 1 June 2016. EBIT was up 9%, at £303.6m, while PBT was down £57.2m at £158.4m and net profit up by £30.7m, to £202.6m. The company said it had invested £383m in the first half and remains on track to invest around £800m for the full year. The company did not give any update regarding Outcome Delivery Incentives and said it will provide the net rewards/penalty quantification in May 2017 for the full-year results while confirming the validity of previous 2020 guidance. At 30 September, RCV remained within the group’s target of between 55% and 65%, at £10.5bn, while RCV gearing increased from 59% to 62% mostly reflecting the change in net debt. The board has declared an interim dividend of 12.95p per ordinary share, an increase of 1.1%, in line with the policy of targeting an annual growth rate of at least RPI through to 2020.
28 Sep 16
"How to solve the dilemma of ultra-low interest rates? The question was being posed again yesterday by members of both the ECB and the Fed. The Governor of the Central Bank of Ireland, Philip Lane, went as far as calling for a ‘forceful pursuit of stimulus’ in order to return interest rates to more normal levels, while Vice Chairman, Stanley Fisher, added that the economy is better off when there is ‘a price for using money’. They are simply reflecting the common desire to stimulate inflation to return interest rates and growth trajectories back to more historical trend - not that they have any chance of forming a consensus on how to do it, nor appear to embrace the reality that the dramatic changes to world order being created through the drive into new technologies means the old ways of doing things and predictable economics have probably gone forever. One hope the markets had had was that the Saudi-Russia proposal to cap oil production might succeed, but Iran’s stated determination to ramp-up production until it hits 4.2m bbl/day appears to have blown apart any idea of OPEC reasserting a binding quota system before its meeting in Algiers closes today, leaving oil traders to shift their focus to the Organisation’s next scheduled meeting in November instead. US equity markets, however, looked beyond these concerns to focus on positives from technology and consumer stocks, as well as some modest recovery in the over-sold banking sector, leaving all principal indices to close quite firmly up led from the start by the NASDAQ. Asia by contrast was marked down across the board, with the Nikkei in particular hurt by weaker oil prices, while banking sector jitters also reached its shores and sentiment toward export-related shares continued to be knocked by Yen strength. This mixed picture leaves London and Europe in an undecided mood for this morning’s opening, with the FTSE-100 seen opening around 10 points higher. No major UK macro data is due for release this morning, although traders will be listening out for closing statements from OPEC’s 2-day meeting, a press statement due from ECB President, Mario Draghi and a speech from the IMF’s Christine Lagarde. Later this afternoon, Fed Chair, Janet Yellen, is due to make her Testimony, while member Kashkari is also scheduled to make a statement. Corporates due to release earnings reports include Moss Bros (MOSB.L), Sainsbury (SBRY.L) and Smiths Group (SMIN.L), while today SAB Miller (SAB.L) shareholders are due to vote on their proposed merger with Anheuser Busch InBev." - Barry Gibb, Research Analyst
27 May 16
"Following quiet, low volume overnight trading across the US and Asian markets, London equities are seen following suit at this morning's opening with the FTSE- 100 little changed. Crude-oil prices fell back after climbing above $50/bbl during UK trading, which spurred profit taking in the materials and energy sectors, while utilities, telecommunications and consumer discretionary equities gained modestly as investors repositioned after days of buying riskier stocks. With little other consensus amongst investors, today's principal focus is likely to be on Fed Chairwoman Janet Yellen's speech this afternoon, from which further hints regarding timing and extent of prospective rate hikes will be keenly sought. This follows Powell's anticipation yesterday that such an event should be expected 'fairly soon' and that subsequent moves will proceed at a gradual pace, while the G-7 noted downside risks to the global economy still remained, as it called for major economies to ensure they sustain balanced policy. No other major data releases are anticipated from Europe or the US today, while results or trading statements are only expected to be seen from Bodycote, Caffyns and Conviviality." - Barry Gibb, Research Analyst
Trading update ahead of the FY 03/16 results to be published 26/05/2016
22 Mar 16
The clearance from the Competition and Markets Authority of the joint venture between UU and Severn Trent announced on 01/03/2016 (please see our 01/03/2016 Latest) to combine their non-household retail businesses is expected later this spring. This trading information seems to anticipate better results than previously expected, although the notion of ”underlying costs and profit” always alters clarity.
A first step in more structural changes of UU’s shareholder equity?
01 Mar 16
UU and Severn Trent announced this morning the creation of a JV to combine their non-household retail businesses, subject to regulatory approvals. On the basis of the FY 03/15 accounts, the JV would see (before synergies) sales of £940.2m, gross assets of £200.0m and PBT £9.7m (1.03% of sales). The JV would have a 25% market share including Scotland. A long conference call was held this morning with the participation of prestigious investment banks. Of course, the main questions were on synergies, margins and the next steps (toward more ventures), if any.
H1 03/16 underlying EBIT in line with expectations, fair value gains enhance reported net profit
25 Nov 15
FY 03/16 is the first year of the regulatory period. H1 03/16 is globally in line with expectations: Revenue: -£2.4m (to £857m) Underlying EBIT -£35m (to £309m) Underlying net finance expense -£18m (to -£106m) Underlying PBT was £205m, -£16m Underlying profit after tax £163m, -£12m Underlying EPS increased from 24.7p to 25.8p The interim DPS declared of 12.81p (+2%) is in line with the group’s dividend policy of now targeting growth of at least RPI each year (vs RPI+2% during the preceding regulatory period.
07 Dec 16
Severfield’s (SFR’s) H117 results were well ahead of the previous year; margin performance and order book development cause us to raise our FY17 profit expectations. This combination has also proved to be a catalyst for share price outperformance following the results. Revenue growth and further margin development towards management’s stated aim of doubling FY16 PBT by 2020 can sustain further progress.
Exceptional trading continues
08 Nov 16
Keywords has announced that the strong trading in localisation and audio services has continued into H216. In particular, the Synthesis business acquired in April continues to benefit from exceptionally strong trading. Full-year results are now expected to be materially ahead of consensus and we upgrade our FY16e EPS by 13%. Erring on the side of caution, we have not changed our FY17 estimates significantly. Nevertheless, we believe the company does have a platform to sustain double-digit earnings growth, and hence medium-/long-term prospects for further share appreciation remain good.
Panmure Morning Note 02-12-16
02 Dec 16
Today James Halstead will be holding its 101st AGM. Trading during the first part of FY17 has been mixed, with some notable challenges. However, movements in FX (i.e. weak sterling) is boosting reported earnings, offsetting UK volume trends and pricing pressures. Whilst earnings are likely to be second half weighted, the picture is in-line with expectations and we are leaving our FY17 PBT estimates unchanged (£47.4m in FY17 vs £45.4m FY16).
06 Dec 16
600 Group* (SIXH): Interim results: order book showing signs of improvement (CORP) | Real Good Food* (RGD): Commodity volatility impacts numbers (CORP) | Minds + Machines* (MMX): .vip goes live in China (CORP | Imaginatik* (IMTK): Interims (CORP) | iomart* (IOM): Quality business as usual (CORP) | Fulcrum (FCRM): Upgrades continue (BUY)
02 Dec 16
On 30 September 2016, when the company announced its full year results, it reported that the UK business had seen a slow start to the year, with particular weakness in repair and renewal spending by the NHS as well as “reticence” in the education sector. However, with the UK only representing about a third of the business, this weakness was expected to be more than offset by the positive effect of a weakened sterling on its overseas business, given the benefits for competitiveness and margins.