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Shares in United Utilities Group PLC (LSE:UU.) surged more than 11% to a new all-time high after the FTSE 100 water company announced plans to raise £800 million and expand its investment programme, including moves into building homes, data centres and clean energy in the North West.
Alongside full-year results, United Utilities said its AMP8 capital programme will rise to about £11.5 billion, up from around £9 billion. The company also earmarked an additional £2.5 billion to support housing, industry and environmental projects.
Chief executive Louise Beardmore described the plan as “the most significant transformation of our region's water and wastewater infrastructure in more than a century”.
United Utilities has submitted £1.4 billion of projects to regulator Ofwat, with further funding expected through later reviews.
The company now expects its asset base to grow at around 10% a year to 2030, compared with previous guidance of 7%. It is also targeting regulatory returns of 10-11%.
To fund the expansion, United Utilities is raising £800 million through a share placing from institutional investors and an offer to small investors via RetailBook.
United Utilities reported underlying revenue up 20% to £2.6 billion and operating profit up 35% to £1.1 billion for the full year.
Capital investment for the year reached £1.5 billion. The company also highlighted operational improvements, including a reduction in pollution incidents and sewer flooding.
Beardmore said: “One year into our five‑year AMP8 programme, we are delivering at pace and at scale - strengthening the resilience and quality of our services, protecting and enhancing the environment, and supporting sustainable economic growth and thousands of new jobs across the North West.”
She added that the group is making “real progress” on reducing storm overflow spills and sewer flooding.
United Utilities said the additional investment plans—covering homes, data centres and clean energy—are a “focused, disciplined and well-funded plan [that] will help us accelerate delivery of the transformation in infrastructure and services that the North West expects and deserves”.
In early trading on Thursday, the shares jumped 11.5% to 1,463p. The stock has also gained 8.4% since the start of the year.
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