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South West Water's profits up 10 per cent to £83million

By NeilShaw  |  Posted: November 29, 2012

South West Water's profits up 10 per cent to £83million

South West Water's profits up 10 per cent to £83million

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South West Water's profits increased by 10 per cent to more than £83 million in the first six months of the financial year.

The Plymouth water company's parent Pennon Group announced its unaudited results for the half year ended 30 September 2012 this morning.

Pennon chairman Ken Harvey, said: "South West Water is continuing its strong operational performance against the 2010-2015 regulatory contract with further advances in operating efficiency and customer service.

"Despite the wettest summer in 100 years impacting customer demand and operating costs, the company's profit before tax has increased through rigorous cost control, efficiency delivery and stable interest costs. South West Water was unable to consent to Ofwat's licence change proposals but has responded constructively on how its concerns can be addressed.

"Notwithstanding current challenges, the Group has delivered increased overall profit before tax for the first half year and an increase in dividend in line with our stated policy."

Pennon's profit before tax is up 3.4% to £111.1m, South West Water's profits is up 10.0% to £83.8m and Pennon's comercial and recycling arm Viridor sees profits down 26.5% to £22.5m

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  • madmax76  |  November 30 2012, 2:23PM

    @PLYMOUTHKING: I applaud you!! :)

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  • circles1  |  November 30 2012, 10:52AM

    it's extortion, pure & simple

    Rate   3
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  • Matt2112  |  November 30 2012, 10:11AM

    While I am appaulled that a company providing a necessary service -that shouldn't have been privatised in the first place- is making any kind of profit while it's charging extortionate amounts to it's customers, I do have to dissagree with a lot of the comments on here claiming it should be free because it falls from the sky. Yes, if you would like some rain water you should be entitled to it for free, however water treatment, processing and the maintenance of water ways and pipes has to be paid for. Ideally through council tax, not bills from a private company making a profit, for paid for nonetheless.

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  • SWWater  |  November 30 2012, 8:51AM

    FAO hlbee Regarding the situation you describe hlbee please contact us on 0800 169 1133 to see if there is anything we can do to help you. An assessed bill may be an option if you cannot be metered.

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  • mcspredder  |  November 29 2012, 9:46PM

    TheMercenary, in your position I'd lift the lid on the meter and check if it's spinning when you aren't using any water. I think you get a refund for your first leak? Many years ago now and I should imagine they've been found out and replaced, but I had cause to dispute a bill and made a few requests to speak to the Customer Accounts Manager. This person decided that, rather than speak to a customer about their account, the amount should be written off, an action which, had I been a shareholder, I should have demanded be investigated and the total written off for this reason be published. Possibly the regime may still prefer to write off rather than prove a bill amount?

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  • Plymouthking  |  November 29 2012, 9:02PM

    @themercenary I've hardly had any letters from SWW at all - let alone any baliff's. The trick is to as them to prove their claim; - do they own the water? - if so prove it? are YOU liable? - if so - why are they sending the bills to your 'legal fiction' - your birth certificate? Ask for a copy of the contract that you have with them? - there isn't one.. Ask SWW to prove that your water is NOT contaminated - they have to PROVE to you that it isn't - under a lovely 'European law'... Offer to 'settle any debt' - never PAY. there are videos on youtube that explain how you can pay any government debt by accepting the bill for its value - via legal tender / instrument - under the bill of exchange act. people need to wake up to the fact that mass-compliance is our biggest problem...can you imagine is mass 'non-compliance' started to escalate - everything would be FREE...the water; the gas; electricity; council 'services', tv licence - INCOME TAX.... The power is ALWAYS with the people...and all the above - are pure forms of control, compliance and 'slavery'...the more people wake up NOW...the easier this transition will be. Orville isn't going to be very helpful; like the rest he's only looking after Number 1...himself and his chums...! Its time people started saying; NO-TA!...or at the next election - vote - None of the Above... Water falls from the sky...it should be FREE and Available for EVERY HUMAN on this planet! Just like it is for Plants and Animals...which we are part of - not apart from... Peace

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  • eu_blues  |  November 29 2012, 8:29PM

    South West Water's profits increased by 10 per cent to more than £83 million in the first six months of the financial year. This is Devon Nothing like making a nice tidy profit off a liquid that falls out of the sky for free. I bet their's smiles all around the corporate board at SWW for a job well done. Santa present of £83 million could'nt of come at a better time. HAPPY CHRISTMAS SWW.

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  • cassiebiker  |  November 29 2012, 7:33PM

    by TheMercenary I for one can identify with what you are saying. Without even knowing you, I would suggest that you represent the salt of the earth...typical of the law abiding conscientious citizens who have worked hard and have paid your dues along the way. Unfortunately you are a prime target for the utility companies because of the bully boy tactics they use to intimidate you. How many people out there will admit to missing a payment because of the way things are? I have. What do you do, the only sure fire way of actually talking to anybody is by phone to a faceless individual based in India after pressing button one, two and three only to end up back where you started from. After the conversation in which you have used the word "pardon" on numerous occasions because you find it difficult to understand what they were saying, you then realise that you have achieved nothing at all. Then these faceless wonders send you a letter threatening to send the bailiffs to your front door. Visions of some gruesome gorilla towering over you wanting to invade your privacy and remove your old telly and anything else of value makes you wish you had a loaded shotgun close at hand. Apart from everything else our taxes pay for, we stump up money for regulatory bodies who's titles start with OFF-??? who's function is to regulate the utility companies so they don't over charge us for the essential to life commodities. According to recent press reports, it is claimed that a whistleblower has revealed that some energy companies have been rigging their charges. Why did they wait for a whistle blower, they are paid to regulate these companies and don't do a very good job of it? Being unregulated and with electronic payment systems rather than the old days of writing a cheque or paying cash down at the post office, these utilities only need to overcharge each customer by just one pound to have one hella of good Xmas party at our expense. And I bet you, like me, don't feel that great by writing and publishing your comments for fear of being labelled an "old whinger". But what else can us frail old pensioners do? And the younger element who are falling about laughing...it's going to get worse and you are going to get old.

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  • TheMercenary  |  November 29 2012, 6:31PM

    @Plymouthking. Do you not get threatening letters, bailiffs etc? If you do, I would rather pay than worry about the knock on the door. I do find what you're saying, hard to believe. If on the otherhand, you get no hassle, I'd give it a go. I guess if you tell them to disconnect you and that you don't want their water, via an email or recorded delivery and they don't, then presumably that is their fault and you wouldn't be accountable.

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  • olddogbreath  |  November 29 2012, 6:02PM

    We vote for MP's to represent us, but in reality they represent themselves and care little about their constituents. They appear in weekly local rags for some unknown cause and yet those things that really matter they do little about. If SWW were in Cameron's constituency, would he not be raising an enquiry into why SWW charges were so high? Thought so, but the South West is not worth bothering about as it's representatives care little about their constituents. Would we not vote for a champion MP, instead we get lumbered with high charges year after year and low wages. Comments of those below bear this out. Our charges have gone up this year as well as all others in my street.

    Rate   6
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