Portsmouth Water profits has reported a total operating profit of £3.4m for the six months ended 30 September 2014 – the figure remains unchanged from the same period last year.
The water company’s unaudited interim results published today show that during the period turnover increased by 4.0% to £18.9m (2013:£18.2m). The increases arose from measured water revenue, which was £0.5m higher than the previous period, and an increase in revenue from chargeable works of £0.3m. The revenue increase from rechargeable works arose as a result of higher activity on both new services and diversionary work.
Operating costs increased by £0.5m to £10.8m in the first half of the year – attributed mainly to general cost increases across the business, in particular staff costs, and an increase in the rechargeable work costs connected with the higher activity. However, the operating costs are still below the level assumed by Ofwat in its AMP5 Final Determination.
Capital expenditure of £5.0m (2013: £5.3m) included £2.7m of mains renewals (2013: £2.7m). The most significant expenditure has been on mains for new developments, metering and small plant, vehicles and office systems.
On service to customers, Portsmouth Water said it consistently receives the lowest level of complaints of any water company in England and Wales - analysis produced by the Consumer Council for Water for 2013/14 confirms this standard was maintained. The company received 8 complaints per 10,000 customers compared to an average of 40 across the country. Complaints have however increased in the six months to September 2014 compared to last year although Portsmouth said it would still expect to record the lowest level in the Industry. Ofwat’s service performance customer surveys conducted for the first six months of 2014/15 show the company as having the best performance.
Commenting on Ofwat’s current Price Review, Portsmouth said that in the Draft Determination published in August 2014, the revenue limits proposal by Ofwat were close to those in the Company’s revised Business Plan. The firm was one of only two companies who were allowed a premium to the Industry weighted average cost of capital, although this was 0.15% as opposed to the 0.5% proposed by the company.
On upcoming market reform which allows all non-household customers to choose their water supplier from April 2017, the firm said it is currently working to ensure that it meets the necessary compliance requirements by October 2016. It is also currently assessing what its strategy should be in the new retail market.
The company also announced that Finance and Regulation Director Nick Sheeran has decided to step down from his position with effect from 1 January 2015.
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