Anglian Water posts pre-tax loss as inflation bites

Anglian Water Services has reported a loss before tax of £17.5m for the year to 31 March 2022 – down 113% from a £139m pre-tax profit in the preceding year.

The pre tax income was adjusted to exclude fair value losses on derivatives up by £92m to £115m. The slide in earnings was attributed to the impact of a hike in inflation on index-linked debt interest costs .

Operating profit was up 13.3% from the previous year to £441m on revenue ticked up £48m to £1.4 bn.

Net debt before derivatives was down £1,029m (15.5 %) to £5.62bn following financial restructuring which reduced gearing to 65%.

The year’s results were restated following changes in accounting policy at the group.