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The Dee Valley Group, the parent company of Dee Valley Water, saw its half year profits fall due to changes in corporation tax rates.
The company’s post tax profit fell by £1.5 million to £1.8 million post tax profit, having paid £638,000 in tax for the six months until 30 September 2014.
This is down from £3.3 million post tax profit in the same period in 2013, when the group received a £1.2 million rebate.
This change comes as a result of changes to corporation tax, which was reduced from 23 per cent to 21 per cent in the March 2013 Budget and came into effect on 2 July 2013.
However, the group posted a profit before tax of £2.4 million for the six months to 30 September 2014. This is up from £2 million over the same period in 2013.
Revenue for the period increased by £0.4 million (3.6 per cent) to £12.4 million, which reflected the 2.2 per cent increase, which came into effect on 1 April 2014.
The results claim Dee Valley Water “delivered satisfactory operational and financial performance for the first six months of the year”.
The resulted added that “a key focus remains on addressing the discoloured water problems experienced by some customers”.
Customer contacts also fell during this period from 4.438 per 1,000 customers in the six months until 30 September 2013 to 1.825 per 1,000 in the same period this year.
Dee Valley said this was as a result of successfully commissioning the Llwyn Onn water treatment works, cleaning of the Wrexham ring main, and a significant increase in its heavy flushing activity.
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