Interim pre-tax profit fall 4% at Anglian
Operating income at Anglian Water Group for the half year to 30 September 2019 was down 1% from the same period last year to £219.9m reflecting stepped-up leakage maintenance, increased below-ground network repairs and cost inflation. Underlying group profit before tax was off £1.6m to £36.7m on revenues up 2.8% to £733.3m.
Interim finance costs including a fair value loss on derivatives of £171.3 – from a £56.3m gain over the previous first half year – left a pre-tax group loss of £134.6m form a profit £94.6m at the 2018 interim.
Interim cash flow was near flat at £349.8m after increased operating costs offset revenue gains.
In his foreword, chief executive, Peter Simpson repeated his warning following Ofwat’s draft determination for the current price review that Anglian Water’s plan to “safeguard the future of our region and enable it to flourish,” was “not financeable based on Ofwat’s Draft Determination.