AWG ‘slightly ahead’ of H1 expectations |
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Sat, 01 Oct 2005 06:05
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LONDON: Water supplier AWG Plc yesterday said half yearly profit was “slightly ahead” of management forecast, because demand was spurred by a longer spell of dry weather.
The company which supplies water to southeastern England saw revenues rising by £6 million in the first half year to September. In a statement, the utility said an increase in seasonal demand for water led to this rise in revenues. It had also maintained overall costs within regulatory limits.
Last December the company was allowed by the UK regulator to increase customer bills by 2.4 percent annually until 2010. However, its sewerage operations will have to cut costs by 2 percent a year, which is more than the industry average of between 1 and 1.2 percent.
Besides providing drinking water and sewerage services, the company also has a construction division – the Morrison unit. The group had sold off its overseas businesses – in Australia and China, in order to focus on the water utility business.
Morrison met half yearly targets by winning new contracts and getting old contracts extended. Morrison builds homes and provides utility maintenance services.
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