Welsh Water reports hike in pre-tax loss

Dwr Cymru Welsh Water has reported a £109m year-on-year hike in pre tax losses to £123.9m for the year to 31 March 2019. The not-for-shareholder company also reported a “record” £47m customer dividend over the same period.

Operating profit for the year was off 8.9% from the previous year at £68.9m on revenues up 3.1% to £781.6m. Operational expenditure was up £17m to £336m with depreciation and amortisation up 6% to £293m.

Financial income was up £1.1m at £5m while financial expenses were down £7.3m to £168.6m. The company reported a fair value loss on derivatives of £29.2m where it made a £80m gain in the previous year.