Water companies announce massive profits

December 22, 2008 at 10:07 pm

At a time when we are all feeling the pinch when it comes to soaring energy and water bills, the last thing we need to hear is water companies announcing massive profits. Water bills have rocketed over the past year and consumers are likely to be extremely angry at the announcement from water companies that they have made very healthy profits. Severn Trent revealed this week that it has managed to make over £260m during the past six months. This figure represents a 4.6 per cent increase on the correlating figure for last year.

The boss of Severn Trent, Tony Wray, was delighted by the company’s figures. He revealed that it proves how the company has improved over the past year across its numerous sectors. However, consumers (especially the unlucky 3.7 million homeowners who are supplied by the water company, which increased bills by a further five per cent earlier this year) have been far less impressed by the news.

Whilst Severn Trent have so far had to bear the brunt of the anger from consumers, other water companies soon felt the public’s wrath as they announced their half-yearly statistics. United Utilities announced massive profits and Northumbrian Water and South West Water have also replicated this trend.

Angry customers have not been consoled by the advice from the Consumer Council for Water, which has urged water companies to make it clear what customers are getting for their money. Severn Trent believes that higher bills are necessary to help repair faulty pipes and improve general water quality but this has done little to calm the anger felt when the water bill pops through the letterbox.

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