Affinity Water reports £49m pre-tax loss

Affinity Water reported a £49m loss before tax for the year to 31 March 2024 – down from a loss of nearly £113m in 2023.

A £32.6m year-on-year increase in revenue to £347.6m was offset by a hike of more than £24m in operating costs to £346.6m. That gave a £7.5m lift in operating income to just over £22m.

Financial costs were down 42% to £58m –  largely through the impact of falling inflation on index-linked debt and swaps. The company reported a fair value loss on energy swaps of £13.1m – less than half the loss of the previous year due to a downturn in forward prices.