Wessex Water has announced a £12 million fall in profits before tax for the financial year 2015/16.
The water supplier also stated that its turnover went down by almost £20 million from £540.3 million to £520.8 million, while operating profit has also fallen as a result of a £2 billion work programme on major water and sewerage improvements. However, since April 2015, customer bills have fallen by 5%.
The programme is already underway and includes a scheme worth almost £40 million to improve the quality of bathing water in the Burnham-on-Sea area to meet the standards required. A new water supply grid is also under construction and is expected to be finished by 2017.
Colin Skellett, Chief Executive at Wessex Water, said that 2015/16 was the first year of a new five year price control, although their focus remains on delivering the desired outcomes for their local communities and customers.
Skellett commented: “We have made an excellent start and performed well against our commitments, achieving industry-leading customer service and environmental performance.”
As part of Wessex Water’s five year investment plan, they have formed the Wessex Water Partnership, which will be chaired independently by Dan Rogerson, the former water minister.
The partnership is aimed at providing guidance and advice on tariffs, affordability, service and customer engagement.
Earlier in the year, the company announced a joint partnership with Albion Water, which took a 51% in the independent supplier.
Meanwhile, earlier in the month, Wessex Water thanked residents and businesses around the village of Mark near Burnham-on-Sea for their patience as the company carried out sewer repairs over the last four months.
Andy Roberts, Project Manager, said that the scheme has proved extremely challenging and had subsequently been delayed, although the work was eventually completed a month ahead of the revised completion date.
The company has also completed work on Mark Causeway.