Latest news with #MarkThurston
The Independent
3 hours ago
- Business
- The Independent
Anglian Water profits go up after price increases as debt swell to £7.7bn
Anglian Water has revealed stronger profits on the back of price increases for households, as the water supplier also reported another jump in debts over the past year. The utilities firm, which provides services to seven million people in the east of England, also revealed an increase in pollution incidents over the year. Anglian revealed on Friday that revenues grew by 7.5% to £1.75 billion for the year to March 31, compared with a year earlier. The rise was linked to price increases of 8.6% during the year. Earlier this year, the company said it was putting up bills by a further 19%, to an average of £626 a year, for the 2025/26 financial year from April. The firm also reported that operating profits grew by 15.2% to £496.5 million for the year to March. Meanwhile, the group said its net debts before derivatives grew by more than a tenth to £7.72 billion by the end of the year. Anglian said it grew its debt burden in order to help fund more than £1 billion in capital spending over the year for improvements to water resources and infrastructure in the region. The company is privately owned by a consortium including major pension funds and investment firms. Meanwhile, Anglian reported that its total pollution incidents increased last year, although serious ones were down 36% year-on-year. It also highlighted that the group's leakage performance fell below its individual target. Mark Thurston, chief executive of the business, said: 'We recognise the challenges ahead. 'The strategies and plans being implemented give us confidence in our trajectory and provide a clear road map for delivering consistent, high-quality outcomes for customers, colleagues, regulators, investors and the environment. 'In summary, 2024/25 has been a year of transition, focus and progress, setting firm foundations for a strong and successful AMP8 (Asset Management Period 8).' Last month, the water supplier was fined a record £1.42 million for drinking water failures that affected around 1.3 million people.
Yahoo
3 hours ago
- Business
- Yahoo
Anglian Water profits go up after price increases as debt swell to £7.7bn
Anglian Water has revealed stronger profits on the back of price increases for households, as the water supplier also reported another jump in debts over the past year. The utilities firm, which provides services to seven million people in the east of England, also revealed an increase in pollution incidents over the year. Anglian revealed on Friday that revenues grew by 7.5% to £1.75 billion for the year to March 31, compared with a year earlier. The rise was linked to price increases of 8.6% during the year. Earlier this year, the company said it was putting up bills by a further 19%, to an average of £626 a year, for the 2025/26 financial year from April. The firm also reported that operating profits grew by 15.2% to £496.5 million for the year to March. Meanwhile, the group said its net debts before derivatives grew by more than a tenth to £7.72 billion by the end of the year. Anglian said it grew its debt burden in order to help fund more than £1 billion in capital spending over the year for improvements to water resources and infrastructure in the region. The company is privately owned by a consortium including major pension funds and investment firms. Meanwhile, Anglian reported that its total pollution incidents increased last year, although serious ones were down 36% year-on-year. It also highlighted that the group's leakage performance fell below its individual target. Mark Thurston, chief executive of the business, said: 'We recognise the challenges ahead. 'The strategies and plans being implemented give us confidence in our trajectory and provide a clear road map for delivering consistent, high-quality outcomes for customers, colleagues, regulators, investors and the environment. 'In summary, 2024/25 has been a year of transition, focus and progress, setting firm foundations for a strong and successful AMP8 (Asset Management Period 8).' Last month, the water supplier was fined a record £1.42 million for drinking water failures that affected around 1.3 million people.
Yahoo
3 hours ago
- Business
- Yahoo
Anglian Water profits go up after price increases as debt swell to £7.7bn
Anglian Water has revealed stronger profits on the back of price increases for households, as the water supplier also reported another jump in debts over the past year. The utilities firm, which provides services to seven million people in the east of England, also revealed an increase in pollution incidents over the year. Anglian revealed on Friday that revenues grew by 7.5% to £1.75 billion for the year to March 31, compared with a year earlier. The rise was linked to price increases of 8.6% during the year. Earlier this year, the company said it was putting up bills by a further 19%, to an average of £626 a year, for the 2025/26 financial year from April. The firm also reported that operating profits grew by 15.2% to £496.5 million for the year to March. Meanwhile, the group said its net debts before derivatives grew by more than a tenth to £7.72 billion by the end of the year. Anglian said it grew its debt burden in order to help fund more than £1 billion in capital spending over the year for improvements to water resources and infrastructure in the region. The company is privately owned by a consortium including major pension funds and investment firms. Meanwhile, Anglian reported that its total pollution incidents increased last year, although serious ones were down 36% year-on-year. It also highlighted that the group's leakage performance fell below its individual target. Mark Thurston, chief executive of the business, said: 'We recognise the challenges ahead. 'The strategies and plans being implemented give us confidence in our trajectory and provide a clear road map for delivering consistent, high-quality outcomes for customers, colleagues, regulators, investors and the environment. 'In summary, 2024/25 has been a year of transition, focus and progress, setting firm foundations for a strong and successful AMP8 (Asset Management Period 8).' Last month, the water supplier was fined a record £1.42 million for drinking water failures that affected around 1.3 million people. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
30-04-2025
- Business
- Yahoo
Endava to Announce Q3 FY2025 Financial Results on May 14, 2025
LONDON, April 30, 2025--(BUSINESS WIRE)--Endava plc (NYSE: DAVA), a leading next-generation technology services provider, today announced it will release results for the third quarter ended March 31, 2025, on Wednesday May 14, 2025 before the opening of regular U.S. market hours. Following the release, John Cotterell, Endava's CEO and Mark Thurston, Endava's CFO, will discuss the results in a conference call beginning at 8:00 am ET. Conference call access information is: Participant Toll Free Dial-In Number: 1-844-481-2736Participant International Dial-In Number: 1-412-317-0665 Conference ID: Endava CallWebcast: Additionally, a replay will be available on our investor relations website after the call. ABOUT ENDAVA PLC: We are a leading provider of next-generation technology services, dedicated to enabling our customers to drive real impact and meaningful change. By combining world-class engineering, deep industry expertise and a customer-centric mindset, we consult and partner with our customers to create technological solutions that fuel transformation and empower businesses to succeed in the AI-driven digital shift. From ideation to production, we support our customers with tailor-made solutions at every stage of their digital transformation, regardless of industry, region or scale. Endava's clients span payments, insurance, finance and banking, technology, media, telecommunications, healthcare and life sciences, mobility, retail and consumer goods and more. As of December 31, 2024, 11,668 Endavans are helping clients break new ground across locations in Europe, the Americas, Asia Pacific and the Middle East. For more information, visit View source version on Contacts Investor Relations:Laurence Madsen, Endavainvestors@
The Guardian
18-02-2025
- Business
- The Guardian
Anglian Water appeals against ‘unacceptable' curb on bill increases
Anglian Water has asked the UK's competition watchdog to allow it to hike bills over the next five years even more than it has so far been allowed to, as it called a ruling by the water regulator 'unacceptable'. The water company, which serves 4.3 million customers across the east of England and Hartlepool, has appealed to the Competition and Markets Authority (CMA) to back its original business proposal to raise bills by 32% from £491 to £649 between 2025 and 2030. Anglian hopes to overturn a decision by the water regulator for England and Wales, Ofwat, which shot down that proposal in December and said it should only be allowed to raise customer bills by 29% to £631 over that period. Ofwat's ruling would allow Anglian to spend £11bn over the next five years – £4bn more than over the last five years – on projects including on two new reservoirs in Lincolnshire and Cambridgeshire. But the firm, which is counted as one of the performance laggards by Ofwat, has hit out at that decision, claiming it heaped additional pressures on the business as it tries to invest in its water and sewerage infrastructure. 'In the east of England, with four of the fastest growing cities in the UK, as well as the Cambridge-Oxford arc, the levels of investment needed are significant,' the Anglian chief executive, Mark Thurston, said. 'Ofwat's stated aims for this settlement were to align the interests of companies and investors to those of customers, by setting the appropriate balance of risk and return,' he added. 'Unfortunately, after extremely careful consideration, the Anglian Water board has concluded that Ofwat's final determination falls short of its own stated aims, and having already factored in nearly £1bn of efficiency savings, it means that additional pressures in the regulatory settlement are unacceptable,' Thurston said. Anglian's appeal to the CMA comes just days after troubledThames Water lodged its own complaint with the competition regulator last week. Thames Water, which is on the verge of financial collapse, had wanted to raise bills by 59% over the next five years, arguing that it needed the extra funding to invest and improve its services. Ofwat had approved a 35% hike. Neither of the attempts to appeal will affect bills for the financial year starting in April, and Anglia said it would not delay its investment plans for year-one of its business plan. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion Thurston said: 'We do not take this decision lightly and having given serious consideration to our customers and to all of our other stakeholders we have concluded we must make use of the next step in the regulatory process and ask the CMA to reconsider whether the right balance has been struck.' Thurston, who was the boss of the HS2 rail link until 2023 and an executive for the 2012 Olympic Games in London, was appointed to lead Anglian last year. Thurston made headlines at the high speed rail project for being the highest paid civil servant, earning £644,999r. The CMA is under pressure to deliver on the Labour government's 'pro-growth' agenda. Its chief executive, Sarah Cardell, told the Guardian that the watchdog needs to 'go further is to make sure that perceptions of the regime haven't created a chilling effect'.
