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NI Water’s pre-tax profits dip to £131m

By John Mulgrew

NI Water has witnessed a small dip in its profits and turnover in the year to the end of March 2015, with pre-tax figures in the black to the tune of £131m.

The operator’s annual report for 2014/15 shows its ‘statutory accounts’ — one of the ways in which it measures performance — posted annual turnover of £426m and profit before tax of £131m.

In the report, NI Water said average bills for customers reduced by 11.7% over the last two years.

Families in Northern Ireland do not pay directly for water services, but Stormont takes around £280m from the budget in order to offset the absence of water charges.

The utility company’s chief executive, Sara Venning, said that “over the past two years we have continued our journey towards becoming a modern efficient water utility on a par with any to be found on these islands or across the world”. She added: “The facts speak for themselves; as a company NI Water delivers a significantly better service than five years ago, at a significantly reduced cost to its customers.

“We know, however, that the journey is not complete. Looking to the future we must innovate, invest, and inspire our organisation to continue on the trajectory where we put our customers at the heart of all that we do.”

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