Anglian Water reports interim profit before tax up 56% excluding derivative losses

Group interim adjusted profit before tax at Anglian Water was up 56% year-on-year to £85.2m on revenue down 5.1% to £680.1m.

Loses on derivatives for the period of £100.6m – down from £171.3m in 2019 – took the reported pre tax income to a loss of £15.4 m. That was down from a loss of £116.6m for the first half of the previous year.

The decrease in revenue included a £36.4m reduction in prices under PR19; a £32m hike in household consumption; a fall business consumption of £29.4m; and a fall in £11.3m due to the impact of lockdown on the housing market. Growth in customer numbers added £8.2m to sales.

Operating cost were down £17.2m which Anglian attributed to “significant management action in the period while we await the outcome of the CMA redetermination process.”

Anglian Water paid no dividends to its parent company in the period – it paid out £67.8 million in the previous first half year. And as with the previous year it paid no dividends to its ultimate shareholders in the period.