Pennon Group, owners of South West Water, said the utility is continuing to deliver strong performance in the current AMP5 period with the publication of its latest financial results.
Ken Harvey, Chairman of Pennon Group commented:
“South West Water is continuing its strong performance against the 2010-2015 regulatory contract and is well placed to outperform its assumptions. The company continues to deliver robust operational performance and high standards of customer service, notwithstanding the extreme flooding experienced during 2012/13. South West Water is well prepared for PR14 and legislative changes and is sharing the benefits of K5 outperformance by investing c£60m in further improvements to services to customers.
However, while profit before tax at South West Water was up 7.5% to £152.1m, overall profit before taxes was down 1.1% to £198.2m. Profits fell at Pennon's waste group subsidiary by 36.6% to £36.5m.
Pennon said it had been a mixed year for Viridor - where trading was significantly down on last year with declines in recycling and landfill more than outweighing continued growth in joint ventures.
Ken Harvey added:
" Viridor is continuing to respond aggressively to the near term challenges in recycling and landfill which have necessitated site rationalisations, headcount reductions and exceptional charges."
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