Warrington based United Utilities the country’s largest water utility, reported full-year net profit down 9.3 per cent due to a decrease in deferred taxation credits.

However, stripping out this, underlying operating profit increased by £13m to £607 million. Underlying profit before taxation was up 8%, at £354m.

Revenue was up 4.5 per cent to £1.64 billion pounds as a result of regulated price increases, which was partially offset by reduced volumes.

Steve Mogford, Chief Executive Officer, said: “Customer satisfaction with our service continues to improve, underpinned by strong operational and environmental performance. We are improving the quality and reliability of our infrastructure and, across the 2010-15 period, expect to reinvest around £200 million of capital expenditure outperformance for the benefit of our customers and the environment.”