Despite the increasingly difficult economic environment, Welsh Water, the not-for-profit company owned by Glas Cymru, has reported a year of continued good progress in operational and environmental performance and in customer service, raising its 'customer dividend' to £21 per customer.
Glas Cymru is unique amongst UK utility companies in that it has no shareholders and all its financial surpluses are used for the benefit of Welsh Water's customers. Since 2001, it has returned some £150 million through its annual 'customer dividend' - it is the only water company to give a 'customer dividend' in this way.
Welsh Water also reported a strong financial position, its biggest ever capital investment programme and increased help for customers.
Commenting on the results, Glas Cymru Chairman Lord Burns said,
"Welsh Water has responded positively to the challenges of the current economic recession. We have put affordability at the heart of all our plans and have introduced a range of innovative measures designed to help many of those customers who are struggling to pay their bills."
"Having built up a strong financial position over the last seven years, we have been able to afford to press ahead with our largest ever capital investment programme, with over £355 million spent on projects during 2008-09 - an 18% increase on the previous year. Our robust financial position means that all our customers will continue to see the benefits of our unique business model in the years ahead," he added.
Highlights for the year include:
Customer dividend' in 2008-09 of £21 per customer totalling £27 million (2007-08: £20 per customer, totalling £26 million). The 'customer dividend' has increased steadily since it was first introduced in 2003 at £9 per customer.
Welsh Water Assist tariff introduced on a trial basis which, combined with the existing Water Direct and Water Collect tariffs and the Welsh Water Customer Assistance Fund, offers a range of support for many customers struggling to pay their water bills.
Capital investment of £355 million (2007-08: £301 million) - a record level which will benefit customer service, environmental performance and drinking water quality.
Significant improvement in important aspects of environmental performance in 2008, including 100% compliance at wastewater treatment works (2007: 99.1%).
Robust financial position, with gearing at 72% (2008: 72%) - as against 93% when Welsh Water was acquired by Glas Cymru in May 2001.
During the year, Welsh Water had to cope with some unusual operating challenges, including new threats to drinking water quality in North Wales, which required two precautionary boil water notices, and the impact of the very cold spell last winter, during which it needed to fix some 100 bursts and leaks a day.
Click here for the full Preliminary results.
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