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30 June 16

Financial results for year ended 31 March 2016

Affinity Water Limited has published its Annual Report and Financial Statements for the year ended 31 March 2016, the first year of the 2015-2020 price control period (Asset Management Plan 6; ‘AMP6’).

The new Chief Executive, Simon Cocks was appointed in June 2015 and the company reports good progress against stretching regulatory targets set for 2015-2020.

Simon Cocks said: “I am really proud of the team at Affinity Water and I am delighted that we have made a strong start in the first year of our ambitious five year plan for our customers and communities.”

Business highlights

  • Revenue - £303 million (2015: £296 million)
  • Profit before tax - £46 million (2015: £60 million)
  • Over £103 million invested in enhancing and maintaining our infrastructure and assets
  • Continued to maintain stable A-/A3 investment grade credit ratings.
  • Achieved our stretching regulatory leakage target, reducing leakage by 2 million litres per day
  • Recorded our best ever water quality performance for 2015, 99.99% mean zonal compliance
  • Strengthened the reliance of our network, reducing mains bursts by 9%
  • Launched our customer experience improvement programme based on feedback received from 79,000 customers, with a 35% decrease in the number of complaints and unwanted contact experienced over the second half of the year
  • Helped a record number of customers in vulnerable circumstances as part of our community strategy, over 38,000 customers on low incomes benefiting from our social tariff and support for 4,000 customers with special needs through our Watersure scheme.

View Affinity Water Limited’s Annual Report and Financial Statements for the year ended 31 March 2016 

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