Partner Article

Steady flow for Northumbrian Water

NORTH East utilities giant Northumbrian Water has seen a 11.5% spurt in profits and today ruled out the need for any new debt before the end of 2011.

The Durham-headquartered firm saw its profits to the year ending 31 March increase to £170.2m, from £152.7m the previous year, on revenue up 1.5% to £704.7m.

The company was buoyed by the uplift in tariffs to support ongoing high capital investment, although this was partially offset by a downturn in demand from business on Teesside, with many closing or downsizing during the recession.

Chief executive Heidi Mottram said: “The Group continues to produce good financial and operational results. Income increased slightly despite the impact of the economic downturn; business closures amongst our customers appear to have stabilised.”

Revenue for the firm’s water and waste water contracts dipped to £38.3m from £39.8m but profit edged up to £10.2m from £9.1m.

Total cash and short term cash deposits available to meet the requirements of the business through to the end of 2011 amounted to £189.1m at the end of March.

Looking forward, the group said it is in a good position to continue to maintain sound financial performance, with funding in place to meet its operational and capital investment requirements through to the end of 2011.

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