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03 July 17

Financial results for year ended 31 March 2017

Affinity Water Limited has published its Annual Report and Financial Statements for the year ended 31 March 2017, the second year of the 2015-2020 price control period (Asset Management Plan 6; ‘AMP6’).

The company continues to work hard to achieve the stretching regulatory targets set for AMP6.

Chief Executive Officer, Simon Cocks, said: “It has been a year of continued progress at Affinity Water and I’m pleased to report that we have made significant headway towards our aim of delivering a strong and sustainable business for the customers we serve, the environment and our investors.

“We are committed to improving how we work, delivering a great service for our customers and our commitments are reflected in our financial and operational performance. We have strengthened our teams and invested in our assets for the benefit of our customers and communities. During the year we incurred additional costs preparing for the non-household retail market opening and on financing activities, designed to further strengthen our financial resilience and reduce long term costs of financing the business.”

Business highlights

Financial performance
  • Revenue - £309 million (2016: £303 million)
  • Profit before tax - £27 million (2016: £46 million)
  • Over £150 million invested in enhancing and maintaining infrastructure and assets
  • Continued to maintain stable A-/A3 investment grade credit ratings.
Operational performance
  • Achieved stretching regulatory leakage target, reducing leakage by 7.9 megalitres per day
  • Continued to provide high quality water for 2016, mean zonal compliance of 99.96%
  • Completed mains flushing programme, one of the largest of its kind to be undertaken within the UK, 958kms of mains pipework between October 2015 and March 2017
  • Reduced the amount of water taken from the environment (abstraction) by 12.5 megalitres per day
  • Significantly increased the number of meter installations and free Home Water Efficiency Checks during 2016/17 as part of the company’s Water Saving Programme
  • Increased the number of lead pipes replaced and commenced a lead replacement programme in schools.
  • Continual increased focus on customers delivered improvements using social media channels, with a positive trend seen in online engagement, and a decrease in complaints by 23% compared to 2015/16.

There has been no change in the company’s dividend policy during the year, although year on year dividends increased by £10.5 million. This increase can be attributed to a £2.0 million net premium from a bond exchange in August 2017, and £8.5 million directly from initial anticipated proceeds from the disposal of the company’s non-household retail business to Affinity for Business (Retail) Limited.

View Affinity Water Limited’s Annual Report and Financial Statements for the year ended 31 March 2017

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