Investment floods into the region's water services
New figures released this morning (November 29, 2007) reveal South West Water spent £418,579 per day improving the region's water services during the first six months of this year.
Half yearly results from SWW's parent group, Pennon, show the company invested £76.6 million on capital improvements between the beginning of April and end of September.
The money has been spent on modernising infrastructure such as the major upgrade for Littlehempston Water Treatment Works, which serves 160,000 homes in South Devon, and the ongoing project to reline thousands of miles of corroded mains.
Other highlights for SWW in the first half of 2007/08 included:
- Further success in tackling leakage with its best ever performance
- Introducing the innovative WaterCare scheme to help struggling customers
- Maintaining drinking water quality at an all time high
- Ensuring an 11th consecutive year without water restrictions
- Recording profits of £97.0 million
Chief Executive Chris Loughlin said: "Studies show our investment over many years has underpinned the region's economic growth while protecting its precious environment.
"Our aim now is to continue making the right investments at a price our customers can afford while delivering an ever-improving service.
"We do all we can to reduce the burden on bill payers by securing finance at some of the lowest rates in the industry. To do that, we have to give our shareholders a return on their investment and maintain our reputation as a well run, efficient and profitable company."
Notes to editors
1) Pennon Group's operating profits were up 17% to £123.6 million in the first half of 2007/08. South West Water's profits rose by 15.2% to £97.0 million while its sister company Viridor Waste Management recorded profits of £27.1 million – up 24.3%.
2) Exeter-based South West Water employs 1,300 staff across the region and provides water and sewerage services to a population of 1.6 million across Devon, Cornwall and parts of Somerset and Dorset
3) In a recent investors report, respected financial analysts Pali International commented; "We believe that Viridor, coupled with Pennon's well run South West Water business, makes Pennon a very good business..."
Published: November 29, 2007