South West Water's profits up 10 per cent to £83million
South West Water's profits increased by 10 per cent to more than £83 million in the first six months of the financial year.
The Plymouth water company's parent Pennon Group announced its unaudited results for the half year ended 30 September 2012 this morning.
Pennon chairman Ken Harvey, said: "South West Water is continuing its strong operational performance against the 2010-2015 regulatory contract with further advances in operating efficiency and customer service.
"Despite the wettest summer in 100 years impacting customer demand and operating costs, the company's profit before tax has increased through rigorous cost control, efficiency delivery and stable interest costs. South West Water was unable to consent to Ofwat's licence change proposals but has responded constructively on how its concerns can be addressed.
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"Notwithstanding current challenges, the Group has delivered increased overall profit before tax for the first half year and an increase in dividend in line with our stated policy."
Pennon's profit before tax is up 3.4% to £111.1m, South West Water's profits is up 10.0% to £83.8m and Pennon's comercial and recycling arm Viridor sees profits down 26.5% to £22.5m