Wessex Water said its year end results show it has delivered another year of outstanding performance, completed its largest ever investment programme and continued to provide industry-leading customer service with the publication of its annual results this morning.
In the final year of AMP6 the water company met all of its regulatory outputs, which included major customer-focused programmes to reduce leakage and sewage flooding. More than £935m was invested during the five years to maintain and further improve the water and sewerage infrastructure.
Financial results for 2014-15 show that turnover increased from £524.9m to £540.3m, and that profit before tax increased from £160.4m to £171.8m. Capital investment in the year was £198.4m. Operating costs rose by £8.5m to £291.9m, largely as a result of new plant coming on stream to meet new obligations.
Chief executive Colin Skellett described the last five years as “the most challenging” since Wessex Water was privatised 25 years ago - driven by both the economic climate and the growing impact of the changing physical climate. He said:
"Our focus has been on understanding the changing needs of our customers and responding to the pressures that many have been under as a result of the recession. At the same time we have maintained the highest levels of environmental and quality compliance and continued to invest in creating greater resilience to climate change and supported economic growth across the Wessex Water region.”
Wessex is now more than halfway through the construction of its integrated water supply grid, which will improve resilience of supplies to customers and deliver improvements in the water environment. As part of the project the company has developed an innovative system to optimise the supplies of water across the region, minimising future operating costs. The whole grid project is on track for completion in 2018.
Colin Skellett added that innovation is a key element of the AMP6 investment programme, with many new ideas coming from employees. The company also undertakes trials of new technologies and has a joint research programme in place with the University of Bath, as part of which it has developed a centre for water research and innovation based at the university.
"Looking ahead over the next five years, customers and partnerships will continue to be central to all we do as we deliver the commitments we have made, prepare for the opening of a competitive retail market for business customers and tackle the challenges of upstream reform and ongoing climate change.
"Wessex Water is in excellent shape and fully ready to take on the challenges ahead. We had a simple corporate structure, paid the expected level of corporation and other taxes and are classed by the Inland Revenue as low risk.", Colin Skellett continued.
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