Pennon Group Annual Results
Preliminary results published today (Thursday 5 June) by South West Water's parent group Pennon show the company delivering real benefits to customers while improving its financial performance.
Exeter-based Pennon Group has announced profits before tax of £154.9 million in the last financial year.
2007/08 also saw South West Water record its best ever water quality results, investing £170 million in capital improvements and maintaining its excellent record on leakage and water resources.
Chief Executive Chris Loughlin said: "Look beyond the headline figures and you will see a company whose number one product – tap water – is better quality than ever, which has improved or maintained its already good record in many other areas and which invested more than £465,000 per day in the region's economy while protecting its environment.
"Customers and our regulators rightly demand value for money and in the last year, we believe we have delivered that across the board as our top seven highlights illustrate.
"To secure the finance to do all of that and reduce the burden on our customers, we have to offer our shareholders an appropriate return on their investment and maintain our reputation as an efficient and profitable company."
Top Seven Customer Highlights in 2007/08
Drinking water quality at an all-time high - 99.97% of samples taken passed stringent standards in 2007.
|2. ||Helping customers in need - nearly 2,000 customers were assisted in the first year of the pioneering WaterCare scheme and 1,062 water-saving devices installed in homes|
|3 .||Renovating crumbling mains - 480 kilometres of old water mains were relined or replaced, the key part of a £170million capital programme, which invested more than £465,000 per day in the region's economy during 2007/08|
|4.||Controlling leakage - SWW maintained its excellent record in 2007/08 on tackling leaks and has met or exceeded its annual targets every year since they were first introduced|
|5.||Safeguarding water supplies - without building massively expensive reservoirs, South West Water has acquired cost-effective new water sources such as the 7.7 billion litre Park Lake, a china clay pit near Bodmin|
|6.||Maintaining the transformation in bathing water standards - despite the wettest summer on record, 97.9% of bathing waters in the region passed the EU's quality standards in 2007. Of Britain's record 82 Blue Flag beaches announced this morning, 25 were in Devon and Cornwall.|
|7.||Saving money – in 2007/08 South West Water again out-performed its efficiency targets set by Ofwat and since 2005 has saved the equivalent of more than £11 million|
- ENDS -
Published: 5 June 2008
Notes for Editors
1) Pennon operating profits increased to £242.1 million in 2007/08. South West Water reported an operating profit of £185.0 million while Viridor's figure was £58.1 million
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
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