South East Water loses buoyancy

South East Water loses buoyancy

DOMESTIC SUPPLY : South East Water provides water for five UK counties Photo credit: Pixabay/Tiburi

South East Water, which supplies 2.3 million people, needs money after losing £36 million (€42.7 million) in the year ending March 31.

This was down from £74 million (€87.7 million) in 2022-2023 and turnover rose 9 per cent to £281 million (€333.2 million) but South East Water needs more cash as it awaits a verdict from the regulator Ofwat on future spending.

The company has submitted plans that would requiring £1.9 billion (€2.25 million) to maintain and upgrade infrastructure while increasing customer bills by 22 per cent.

South East Water, whose parent company HDF Holdings belongs to NatWest’s pension fund, a Canadian pension fund and an Australian infrastructure fund, is currently talking to investors and shareholders about additional liquidity.

The company expects this to be forthcoming, although a July 10 statement said that if talks fell through, this would shed doubt on its ability to continue as a going concern.

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Written by

Linda Hall

Originally from the UK, Linda is based in Valenca province and is a reporter for The Euro Weekly News covering local news. Got a news story you want to share? Then get in touch at editorial@euroweeklynews.com.

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