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United Utilities is a UK-based company quoted on the stock exchange. It was created in 1996 by a merger between two of the utility companies privatised by the Thatcher government at the end of the 1980s: North West Water, the regional water and sewerage company covering the North West of England, took over Norweb, the regional electricity supply company covering roughly the same area.
North West Water tried to diversify from its local water monopoly base ever since its creation in 1989, but never succeeded in making a profit from this diversification. The main areas it moved into were international water contracting, and process engineering. In 1995 the company sold its construction division to Bechtel Inc (USA), with whom it then formed an joint venture, International Water, to bid for international water work.
In 1996 and 1997 UU wrote off a total of £207 million by selling the process engineering companies, and by accepting huge losses on a contract in Thailand. It later decided to sue the Thai government for £96m. compensation over this contract.
It gained international water contracts in Manila (Philippines), Sofia (Bulgaria) and Tallinn (Estonia) as well as minor contracts in Australia and Malaysia. In 2002 UU bought out Bechtel's stakes in most of these ventures. The Sofia and Tallinn contracts have been extremely controversial, with disputes and complaints over lack of investment, over-pricing, excess profits, and lack of transparency. UU have reduced their holdings in all these contracts. In August 2009 they were reported as ready to sell all their business.
It also gained an electricity supply contract in Argentina.
Year end | Currency | Employee cost | Number of employees | Profit | Profit per employee | ROCE (percent) | Revenue (in millions) | Revenue in euros (millions) | Revenue per employee |
---|---|---|---|---|---|---|---|---|---|
2010-03-31 | GBP | 35 | 9365 | 404 | 51 | 9.86% | 2447 | 2750 | 261 |
2009-03-31 | GBP | 46 | 8966 | 179 | 59 | 9.58% | 2442 | 2631 | 272 |
PSIRU company profiles
Subsidiaries
Company name | Percentage | Operates in |
---|---|---|
Aqua | 12.50 | Poland |
Manila Water Company | 16.90 | Philippines |
North West Water | 100.00 | United Kingdom |
Sofiiska Voda | 38.25 | Bulgaria |