London, July 2, 2026, 23:02 (BST)
- United Utilities closed up 2.53% at 1,336p, beating the FTSE 100, which added 1.67%. London markets had shut by the time stated above.
- The shares closed just 24p above the 1,312p level from April’s £800 million equity raise.
- ISS is against the pay plan, The Times reported. Company filings show the AMP8 share allowance is £435,000 a year for CEO Louise Beardmore and £280,000 for CFO Phil Aspin.
United Utilities Group PLC (LON:UU) closed up 2.53% at 1,336p after London trading, outpacing the UK market. The move doesn’t change much for shareholders—shares are just 1.8% higher than the price of the new equity sale from two months back.
Thursday’s move just took the shares back over the April funding price, rather than pushing out ahead. The stock had finished at 1,303p on Wednesday, under the 1,312p placing level. The 33p jump added around £245 million in market value, based on Hargreaves Lansdown’s 742.86 million shares outstanding.
MarketWatch, Davy and Hargreaves Lansdown data, along with the April placing update, set the move in this context:
| Marker | Latest data | Investor read |
|---|---|---|
| Share price | 1,336p, up 2.53% | Outpaced FTSE 100’s 1.67% gain |
| Day range | 1,298p–1,345p | Finished close to session high |
| April equity issue price | 1,312p | Shares now 24p higher |
| Premium to issue price | 1.8% | Small margin for latest buyers |
| 52-week high | £14.97 on April 30 | Still 10.75% off the top |
| Market value added Thursday | About £245 mln | On a 33p move and 742.86 mln out |
The stock move landed as a pay dispute played out. The Times said Institutional Shareholder Services has raised concerns about the company’s proposed pay plan ahead of the July 17 AGM, homing in on a fresh share grant for top management. The company’s pay report confirms the allowance comes in shares, skips performance hurdles, and requires a two-year hold after tax.
The company’s pay report frames the AGM vote like this:
| Pay item | Louise Beardmore, CEO | Phil Aspin, CFO |
|---|---|---|
| AMP8 share award | £435,000 per year | £280,000 per year |
| 2025/26 estimated bonus | £830,000 | £535,000 |
| 2024/25 bonus | £nil | £nil |
| New annual bonus cap | 100% of salary | 100% of salary |
| New long-term max | 175% of salary | 175% of salary |
| Projected 2026/27 max pay | £4.597 mln | £3.836 mln |
United Utilities chair of the remuneration committee Kath Cates said the company needs to “retain and attract talent” going into the 2025-2030 regulatory cycle. Ofwat has made pay rules in the sector tougher, and Helen Campbell, senior director for sector performance at the regulator, said water company bosses still have “a clear duty” to protect the environment.
The issue-price gap is a key point for shareholders as United Utilities is asking investors to back a bigger spending plan and is under pressure over executive pay. In April, the company raised around £800 million by issuing 60.98 million new shares, funding part of the roughly £2.5 billion equity needed for extra AMP8 investment and an overall capital programme of about £11.5 billion.
Chair Sir David Higgins called “the scale of regulatory change” in the sector unprecedented. Beardmore said in results that the “BIG North West upgrade” is moving forward, with the annual report showing underlying operating profit up 34.8% at £1.06 billion. Capital expenditure hit £1.53 billion, with regulatory gearing at 60%. United Utilities YIR 2026
United Utilities has some near-term dates on the calendar. The company set July 13 as the deadline for DRIP elections for its 2025/26 final dividend. AGM is booked for July 17. It will pay the final dividend Aug. 3, with half-year results due Nov. 12.
