UK market unimpressed with interims
- From: Vol 2, Issue 12 (December 2001)
- Category: Performer of the month
- Region: Europe
- Country: United Kingdom
- Related Companies: American Water Works, Anglian Water, AWG, Azurix, Barclays Capital, Centrica, Enron, Esval, Morrison Construction, RWE, Scottish Power, Severn Trent Water, Southern Water, United Utilities, Veolia Environnement (formerly Vivendi Environnement), Wessex Water and WestLB
Interim results for the UK water industry arrived in November showing a mixed performance. Several companies, including United Utilities, AWG and Severn Trent posted significant turnover growth for the period. However, lacklustre pre-tax profit numbers dampened market enthusiasm.
The FTSE water index plummeted during the final days of trading, finishing the month down 2.1%. Meanwhile, the rest of the market showed solid growth with the FTSE 100 gaining more than 3.3% for the month.
The poor performance on the profit side of companies’ ledgers is a strong indication that water utilities continue to struggle to find ...
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