Partner Article

Steady flow for Northumbrian Water

Northumbrian Water has predicted annual revenues to remain flat his year as the economic downturn continues to impact on non-household earnings.

The Durham-headquartered utilities giant expects total revenue for 2009-10 to be broadly the same as 2008-09 and said it was confident of a sound financial performance for the year ending March 31.

In a trading update, the company also said it has a strong funding position with sufficient resources to meet its requirements for the next two years.

The group’s cash position is around £250m, with undrawn committed facilities of £75m.

Meanwhile, it is currently in the process of shaving £6m off its current annual energy bill of £36m - a process that will be aided by the advanced anaerobic digestion plant at Bran Sands on Teesside, which is in the final stages of commissioning.

The Company also announced the appointment of Heidi Mottram as CEO. She will join the company on 1 March 2010 from Northern Rail Limited, where she has been managing director for five years,

Northumbrian’s share price surged on Monday amid reports of a £1.7bn takeover bid from Canadian pension fund Ontario Teachers’ Pension Plan, which already owns 26% of the company.

This was posted in Bdaily's Members' News section by Ruth Mitchell .