Message 1 - posted by stevoplymouth, Nov 29, 2007
South West Water has announced an increase in operating profit of 15.2 per cent to £97million in its latest financial results.
The firm's parent company, the Pennon Group Plc, posted its latest results on the Stock Exchange this morning.
Overall, the company's operating profits are up 17 per cent to £123.6million, with another subsidiary, the profit at the waste business Viridor up 24.3 per cent to £27.1million. The figures cover the six months to September 30.
South West Water's turnover rose by £19.1million to £215million.
It said that increases in charges had yielded additional income of £26.8million.
Increasing numbers of customers are switching to water metres, causing a reduction of £5.4million in turnover for the firm.
It said that a decrease in demand because of the wet summer had reduced turnover by £4.6million.
The Pennon group's chairman, Ken Harvey said: "We are delivering the benefits from our strategy of focusing on our two key businesses, South West Water and Viridor. South West Water remains on target to meet the PR04 regulatory contract and Viridor continues to deliver a very strong performance based on both organic growth and sound acquisitions."
Taken from todays Plymouth Evening Herald.
I am no longer paying my water bill!