Scottish Water reports 21% leap in income surplus

Scottish Water has reported a 21% year-on-year hike in regulated surplus before tax to £128m on turnover up 3% to 1,254.4m for the year to 31 March 2020. And it has claimed twofold independent recognition for its “fair and ethical practice.”

The company has won Fair Tax Mark certification, “in recognition of its open and transparent approach to taxation,” and it has been rated as a water sector leader in Business in the Community’s Responsible Business Tracker.

Under the Fair Tax Mark accreditation Scottish Water secured the gold standard for fair and responsible tax conduct demonstrated through “exemplary transparency” in its published tax strategy and “a firm commitment to forgo offshore profit shifting and complex tax structures.”

Benchmarking and improvement tool, Business in the Community’s Responsible Business Tracker, placed Scottish Water as a leader in the water sector and above average in more than 100 other organisations from across the water sector and beyond.

The publicly-owned company reported total costs up £18.1m to £962.2m after a £19.2m increase in PFI operating costs to £126m and a £10.9m addition to depreciation offset a £8.3m reduction in operating costs to £419.8m.