{{selectedAlertBand.alertDescription}}
{{selectedAlertBand.incident.heading}}
Message last updated - Thursday 18th August 2022
{{selectedAlertBand.incident.heading}}
Message last updated - Thursday 18th August 2022
Message last updated - Thursday 18th August 2022
{{selectedAlertBand.alertLinkText}} {{selectedAlertBand.alertLinkText}}
For further updates subscribe
07 December 2021
News
Anglian Water Services Limited (AWS) is a private limited company and regulated monopoly provider of water and water recycling services, serving almost 7 million customers in the East of England. It is the principal subsidiary of Anglian Water Group Limited (AWG).
Delivering robust results while focusing on long-term resilience
Overall highlights
Financial highlights
EBITDA up £13.2 million (3.5 per cent) with revenue up as a result of higher developer activity following last year’s lockdowns. In addition, household revenue is down on last year but still higher than pre-Covid-19 levels, while the opposite is true for non-household revenue. Revenue movements have been offset in part by the impact of inflation on our costs, increased power consumption at our water recycling sites and tankering due to winter 2020 wet weather and our work to drive leakage reduction performance
Operating profit up £8.9 million (4.3 per cent) as a result of strong EBITDA, offset in part by higher depreciation as our asset base grows as we invest in our assets for the long term
Adjusted PBT down £64.7 million (75.9 per cent), primarily driven through higher interest costs on inflation-linked debt due to higher inflation year on year
Fair value loss on derivatives down £9.0 million (8.9 per cent), driven by an increase to the average levels of forward inflation curves versus the September 2020 period end, partially offset by an average increase in interest rates, increasing the discount rate on future derivative liabilities. These fair value losses are non-cash in nature and have no material effect on the underlying commercial operations of the business
Tax charge for the period has increased by £326.5 million due to the increase in deferred tax provisions ahead of the corporation tax rate rise from 19 per cent to 25 per cent which will take effect from April 2023
Statutory loss after tax has increased by £382.2 million, primarily due to the tax charge in the period and higher interest due to higher inflation
Net capital injection of £1,068.7 million from shareholders reflects the completion of our restructure which saw £1,165 million invested in the business net of our March 2021 final dividend of £96.3m
Operating cash flow up £30.1 million (8.7 per cent) following positive working capital movements
Net debt down £1,101.8 million (16.6 per cent) following the financial restructuring completion which has reduced gearing to 68 per cent
Commenting on Anglian Water’s results for the half year to 30 September 2021, Chief Executive Peter Simpson said:
“These results demonstrate again that Anglian Water is a business with solid finances, which is delivering for customers, communities and the environment in the East of England.
“We are providing long-term solutions to the impact of climate change, population growth and the need to protect and enhance the environment. We’re particularly proud to have led the UK water sector’s presence at COP26, championing effective climate adaptation as co-lead of the Water theme in the first ever COP Resilience Hub and sharing best practice through our industry-leading 2030 net zero route map.
“As we look forward to the second half of the year, we continue with our largest ever capital investment programme with its strong focus on environmental programmes. We remain confident of being able to deliver again successfully for all our stakeholders.”
Delivery and operational highlights
Safeguarding and enhancing the environment
A leading voice on climate action
Delivering in the public interest for customers, communities and colleagues
Pushing boundaries on innovation
Enquiries
Investors and analysts:
Jane Pilcher, Group Treasurer +44 (00) 7702 089 703
Media:
Regan Harris, PR and Media Lead +44 (00) 7900 210 450
Anglian Water press office: +44 (00) 0871 677 0123
Andy Rivett-Carnac, Headland +44 (00) 7968 997 365