Welsh Water announces a 50%-plus rise in profit
Dwr Cymru Welsh Water has reported an underlying profit of £77M for the year to March 31, 2015, compared with £50M for the same period last year. Operating costs were down slightly from £296M in 2014 to £295M this year.
The company said the results reflect how it is embedding new, innovative approaches to improve further customer service and environmental performance, including:
- Introducing HelpU, a new and innovative social tariff that will benefit up to 100,000 customers
- The successful roll-out of its RainScape urban drainage scheme in Llanelli and Gowerton, which offers an innovative and sustainable solution to tackle urban flooding
- Work to improve water catchment management to reduce the amount of grassland herbicides entering water sourced for drinking water purposes
- Developing a new ‘smart network' to predict more accurately where blockages and bursts might occur on networks
- Continuing to strengthen the resilience of its drinking water network which will include investing around £30M in Bryn Cowlyd Water Treatment Works near Dolgarrog
Welsh Water said its performance over the year, combined with its move to embrace innovative solutions, places it in a strong position to meet the challenging efficiency targets set by the regulator Ofwat for 2015-2020. During this time the company is to achieve efficiencies of around 20% to ensure it delivers record investment levels of £1.7bn while maintaining below-inflation price increases every year up to 2020.
Chief executive Chris Jones said: “This is our most ambitious investment programme to date and reflects our commitment to ensure customers can have complete confidence in our essential services. Our programme drives further innovation, learning from international best practice.
“With the continued commitment of our colleagues, and our increased focus on innovation, I am confident that we will rise to the challenge so that we can continue to deliver industry-leading levels of financial, operational and environmental performance which are crucial to ensuring that we realise our vision of earning the trust of our customers every day.”
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