Glas Cymru reports pre-tax loss hike

Welsh Water parent, Glas Cymru posted a loss before tax for the year to 31 March 2024 of £172m – up year-on-year from a £151m loss. The move was driven by a £7m loss on in derivatives following a gain of £160m in the previous 12 months and fair-value gains down 78% to £30m.

Revenue for the reporting year was up 10% year-on-year to £928m with operating costs expenditure including depreciation and amortisation up 3.5% and financial expenses down 9% to £270m. Operating profit at £46.5m was up from a loss in the preceding year of £7m.