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by Karma Loveday

Northern Ireland Water profit before tax unchanged

Publicly-owned Northern Ireland Water reported profit before tax for the year to 31 March 2023 unchanged from the previous year at £46.4m in its Consolidated Statement of Comprehensive Income. Revenue was up £38m to £479m.


Operating income remained level year-on-year at £105m. Operating expenses were up £37m in the year at £376m driven largely by the increased cost of gas and higher staff costs.


Net finance cost arising primarily from interest on debt was £52.5m – up £1.5m year-on-year – and pubic private partnership liabilities which had fallen £0.5m over the report period along with net finance costs on the pension fund of £0.6m from £1.2m in 2022. This was partly offset by a fair value increase in financial liabilities and impairment of senior loan debt and interest received up £1m to £1.6m.

Domestic consumers are not charged directly for water and wastewater services. As a result, NI Water is dependent on government subsidy for 72% of its total revenue.The customer subsidy from government covered the full domestic charge and this arrangement will remain in place until 2027.

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