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Wessex Water has increased its profit before tax by £11.4 million, bringing it up to £171.8 million for 2014/15.
The company also saw its annual revenue rise from £524.9 million to £540.3 million, citing the 3.1 per cent price increase allowed by Ofwat on 1 April 2014 as the main driver behind the increase.
In its annual report, published on Friday morning, Wessex Water said it met all of its regulatory outputs for the 2010-15 regulatory period, with the investment programme being delivered under budget and the efficiency savings shared between shareholders and customers.
These efficiency savings helped to more than offset an increase in operating costs, which rose by £8.5 million to £291.9 million in 2014/15, which the company said was largely as a result of new plant coming on stream to meet new obligations.
Capital expenditure for the year was £198.4 million, down by £25.0 million on the previous year due to the completion of the AMP5 programme.
The company also has signed up more than 18,000 customers to its social tariff or affordability schemes.
Wessex Water chief executive Colin Skellett said the company was in “excellent shape and fully ready to take on the challenges ahead”.
“Looking ahead over the next five years, customers and partnerships will continue to be central to all we do as we deliver the commitments we have made, prepare for the opening of a competitive retail market for business customers and tackle the challenges of upstream reform and ongoing climate change.”
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