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Water services firm United Utilities has revealed it expects to report lower revenue and profits for its latest financial year.

The FTSE 100 company has projected a net reduction of around 3% in revenue for the year ending March 31 because of regulatory turnover being lower.

The business also confirmed that its underlying operating profit is also set to fall compared to the prior year as a result of weaker revenue and higher infrastructure-renewals expenditure.

In a statement to the London Stock Exchange, United Utilities added that it also expects to achieve a reward of up to £20m related to the º£½ÇÊÓƵ customer outcome delivery incentives.

The company, which provides water throughout the North West, said: "We have continued to perform strongly during the Covid-19 pandemic and to deliver excellent operational performance.

"We are on track to record our lowest ever level of leakage and the interruptions to water supply our customers experience has more than halved in the last 12 months.

"Our performance in relation to serious pollution incidents is the best in the sector with zero incidents for two consecutive years and we are on track to achieve the industry leading four star rating with the Environment Agency in its annual assessment for 2020."

The update comes after the business announced ambitious plans to invest £745m to support the green economic recovery, helping to create and protect jobs.