Group£m
At 1 April 20179.0
Reduction in investment stake(1.0)
Currency translation differences(0.9)
At 31 March 20187.1
Change in fair value4.4
Reduction in investment stake(1.0)
Currency translation differences1.0
At 31 March 201911.5

During the year, the group reduced its investment in Muharraq Holding Company 1 Limited through a £1.0 million (2018: £1.0 million) repayment of a shareholder loan.

At 31 March 2019, 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 2019, the company's investments related solely to its investments in United Utilities PLC, which was recorded at a cost of £6,326.8 million (2018: £6,326.8 million).