Interim Management Statement

RNS Number : 5323W

Northumbrian Water Group PLC

30 July 2009

 



30 July 2009

Northumbrian Water Group plc

(the Company or the Group)

Interim Management Statement

The Company today publishes its Interim Management Statement for the period 1 April 2009 to 29 July 2009.

Water and sewerage charges at the Group's principal subsidiary, Northumbrian Water Limited, have increased by 3% (in line with the November 2008 Retail Price Index).  Non-household revenue continues to be affected by the current economic downturn. Total Group revenue for 2009/10 is expected to be broadly the same as 2008/09.  In all other respects, the Board confirms that trading has been in line with expectations and that there have been no material events or transactions during the period.

Capital investment for the regulated business is continuing to plan, with a forecast expenditure of £1.1bn (on a cash basis including investment expensed under IFRS and net of grants and contributions) for the period April 2005 to March 2010.

The Group has a strong funding position with sufficient resources to meet the Group's requirements through to 2011. The Group's cash position at 30 June 2009 was £260m, with undrawn committed facilities of £75m.  Net debt is expected to be around £2.25bn at 31 March 2010 and gearing levels are not forecast to be materially different from the position reported in June.

Outlook

The Board is confident of delivering a sound financial performance for the year ending 31 March 2010 and remains focussed on the core business of the Group.

Following the publication of the Draft Determination last week, we are continuing to analyse the detail as we prepare our response.

At the Annual General Meeting to be held later today, we will propose a final dividend of 8.50p per share, giving a full year ordinary dividend of 12.79 pence per share (an increase of 6%), which will be payable on 11 September 2009 to shareholders on the register as at 14 August 2009.

The half-yearly results for the six months ending 30 September 2009 will be announced on 23 November 2009.

For further information contact:

Northumbrian Water John Cuthbert, Managing Director Chris Green, Finance Director	0191 301 6419
Pelham PR Chelsea Hayes Archie Berens	020 7337 1523

Note:
Information in this announcement is based upon unaudited management accounts. This announcement includes certain forward looking statements which are based on current expectations and are subject to uncertainties and risks that could cause actual results to differ materially from any expected future events or results referred to in these forward looking statements. Unless otherwise required by applicable law, regulation or accounting standard, we do not undertake any obligation to update or revise any forward looking statements, whether as a result of new information, future developments or otherwise.

 

END

 

 

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