Group

£m
At 1 April 20158.6
Disposals(0.2)
Currency translation differences0.3
At 31 March 20168.7
Disposals(0.9)
Currency translation differences1.2
At 31 March 20179.0

During the year, the group reduced its investment in Muharraq Holding Company 1 Limited through a £0.9 million (2016: £0.2 million) repayment of a shareholder loan.

At 31 March 2017, the group's investments mainly comprised its investment in Muharraq Holding Company 1 Limited. These investments are held at fair value.

Company

At 31 March 2017, the company's investments related solely to its investments in United Utilities PLC, which was recorded at cost of £6,326.8 million (2016: £6,326.8 million).