Portsmouth Water has once again topped Ofwat’s Service Incentive Survey, according to the company’s preliminary financial results for the year ended 31 March 2015.
For 2014/15, Ofwat have trialled a new approach, and over the four surveys conducted in the year, Portsmouth was ranked 1st overall and individually for billing and operational matters. The water company said that while the number of complaints received by the company increased, at 10.9 complaints per 10,000 customers, is likely to remain the lowest in the industry. In 2013/14, the next lowest company had 12.4 complaints per 10,000 customers.
Portsmouth Water’s financial results for 2014/15 show operating profit unchanged at £5.9m, although this included an increase in the provision for bad debts of £0.4m as a result of a change in the method of calculation. Profit before tax increased to £3.1m (2014 - £1.3m).
Turnover increased by 3.1% to £38.2m (2014 - £37.1m) reflecting a tariff increase of 2.5% and increased income from developers for connecting new properties and diverting mains. Operating costs increased by £1.1m (3.5%), including the impact of the calculation change on the provision for bad debt of £0.4m and the increased costs of generating the income from developers of £0.4m.
Income from bulk supplies to Southern Water was £0.4m lower as the agreement ended in June 2014, and the fixed charge to cover the initial capital investment was fully paid. The agreement is likely to be renewed, but with the capital element fully repaid, will be as a volumetric charge only.
Gross capital investment during the year was £9.5m (2014 - £10.7m) and included £4.5m (2014 - £5.4m) on infrastructure renewals and £1.3m of new mains for housing developments. The company renewed 15km of mains at a cost of £4.5m. This included the renewal and relocation of a sensitive main close to Fishbourne Roman Palace. The main was relocated because the Palace has an important Roman Mosaic floor which was at risk of being damaged if the existing main had burst.
During the year the Company completed its above ground capital expenditure programme for AMP5, with a number of small schemes undertaken in the year. The highest value items were the installation of 3,544 meters at a cost of £0.9m for customers who chose to switch to a measured supply and £0.4m for the introduction of a new Works and Asset Management System. The full implementation of this system will be completed by March 2016.
After receiving capital contributions and infrastructure charges of £1.3m, net capital expenditure was £8.2m (2014 - £9.6m). Cash flow from operating activities at £15.6m was £0.5m ahead of last year .
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