Group2020
£m
2019
£m
At the start of the period11.57.1
Change in fair value0.64.4
Reduction in investment stake(1.1)(1.0)
Disposal of investment(10.9)
Currency translation differences1.0
At the end of the period0.111.5

On 3 December 2019, the group completed the disposal of its overseas investment in the Muharraq sewerage treatment plant (STP). Consideration for the disposal was equal to the fair value at which the asset was carried resulting in no gain or loss on disposal.

Company

At 31 March 2020, the company's investments related solely to its investments in United Utilities PLC, which was recorded at a cost of £6,326.8 million (2019: £6,326.8 million).