Affinity Water operating profit drops 60%

Affinity Water reported a 60% year-on-year fall in operating profit to £14m for the year to 31 March 2023.

A 102% increase in the company’s loss before tax for the current report period, to £112.7m, reflected a 15% hike in net finance costs to £100m and a fair value loos on energy swaps of £26.6m from a £28m gain in the previous year. Revenue for the year was up 1% to £323.3m.

An increase of £66.9m in finance costs was offset by a £50.1m fair value gain in inflation swaps – from a £31.3m fair value loss in the previous year.