South West reports pre-tax income down 3.7% for the first half year of 2019-20
South West Water reported profit before tax down 3.7% to £96.6m for the six months to 30 September 2019 largely reflecting a 2.9% fall in revenue for the period to £292.9m.
Interim operating profit fell 3.4% to £131.3 mirroring a 3.4% increase in operating expenses to £103.2m.
South West parent group, Pennon’s, 80% owned water retail joint venture with South Staffordshire upped sales 3.0% to £86.6m. Loss before tax was decreased to £0.3m from £0.5m at the halfway mark last year. Operating profit ticked up £100,000 to £0.6m.
Pennon,reported a 22.7% hike in interim pre-tax profits to £163.1m on revenue down 4.6% at £712.4m.