WATER and electricity giant United Utilities today reported a 34 per leap in profits to more than a million pounds a day

The firm, which includes North West Water and Norweb, saw profits before tax rise to £223.9 million in the six months to October - the first time the interim results have included figures from both the giant utility operations. And shareholders will see dividends increase by more than 13 per cent.

Turnover for North West Water was up by five per cent to £435 million and operating profits also up five per cent to £199.5 million.

In the energy and telecommunications division, which includes Norweb, turnover was £521 million and operating profits £20.3 million

Chairman Sir Desmond Pitcher said that the acquisition of Norweb was "outstripping our expectations of its value".

Earlier this month union leaders expressed fears of more than 1,000 high street jobs cuts are after the company agreed to sell the electrical retail arm of United Utilities to superstore giant Comet.

Unison said staff had been told that 55 of Norweb Retail's high street stores would be shut while the future of a further 81 out-of-town stores would be reviewed.

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