Affinity Water has reported a near tripling of operating profit for the year to 31 March 2022 to £34.6m.
Chief sources for the increase were a £16.4m, post-Covid bounce back in business sales, a £13.5m hike in household revenues and a £5.9m reduction in staff costs following restructuring. Operating costs were up 2.4% year-on-year to £304m fuelled by greater inflation and higher energy prices.
Revenue was up 11% to £320m with operating costs Net finance costs were up 81% at £118m, driven largely by the impact of inflation on index linked bonds. That was offset by a £27.9m increase in fair value on energy swaps to leave a loss before tax 4% up from the previous year’s loss at £56m.
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