Welsh Water reports £34.9m hike in interim operating profits
Welsh Water has reported a £39.4m boost in interim operating profit to £39.9m for the six months to 30 September 2021. Revenue for the period was up 4% to £401.4 which, according to the company reflected its recovery from Covid-related impacts.
Hot weather and growth in UK holidays boosted operational expenditure by 7% to £164.8m offset by £16.8m in exceptional Covid costs at the interim stage in 2020. For the 2021 interim, bad debt charges of £2m and operational costs of £1m incurred in the period are reported as operating expenditure on the grounds that they are now considered to be ongoing costs.
The company reported an £11.1m decrease in interim loss before tax to £123.7m for the six months to 30 September 2021 which included a 42% step up in fair value loss on derivatives at £97m. The underlying pre tax loss, excluding losses on financial instruments was down 60% at £26.7m.
Segmental revenue
6m to 30 Sep 2021 6m to 30 Sep 2020
(unaudited) (unaudited)
Regulated revenue
Water 158.8 161.6
Sewerage 207.0 201.6
Retail 30.6 19.7
Total regulated revenue 396.4 382.9 7
Other (non-regulated) 5.0 2.9
Total revenue 401.4 385.8
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