TIDMBWRA
RNS Number : 3012N
Bristol Water PLC
31 May 2022
Announcement of unaudited preliminary financial results for the
twelve months ended 31 March 2022
Bristol Water plc (the "Company") announces its unaudited
results for the twelve months ending 31 March 2022.
HIGHLIGHTS
For the year ended 31 March 2022
2022 2021
GBPm GBPm
Turnover 124.2 119.5
EBITDA 61.4 48.6
Operating profit 32.6 21.0
Profit before tax 13.7 8.9
(Loss)/Profit after tax (9.7) 6.8
Net debt (excluding 8.75% irredeemable
cumulative preference shares) at 31
March 389.2 379.2
Regulatory Capital Value ("RCV") 586.0 550.5
Ratio of net debt (excluding 8.75%
irredeemable cumulative preference
shares) to RCV 66.4% 68.9%
Capital investment before grants and
contributions 42.1 38.1
Summary
-- Strong financial performance with EBITDA improvement of 26.3%
to GBP61.4m, as a result of higher customer demand and strong cost
control.
-- Revenues increased as a result of higher regulatory allowances coupled with recovery in the non-household market post COVID-19 lockdowns.
-- Operating costs before depreciation decreased by 11.4%,
reflecting the successful delivery of the Company's transformation
programme, despite significant upward inflationary pressures on
power, chemicals and supply chain.
-- GBP42.1m investment in the capital programme focussing on
improving and renewing the company's asset base.
-- Profit before taxation improved by GBP4.8m to GBP13.7m.
However, the impact of higher future UK corporation tax rates led
to a one-off deferred tax charge of GBP20.5m. This in turn has led
to a loss after tax of GBP9.7m.
-- Cash generation and RCV growth resulted in lower gearing as at 31 March 2022.
For further information contact:
Mel Karam, Chief Executive Officer
Laura Flowerdew, Chief Financial
Officer
Bristol Water plc
Tel 0117 953 6470
Or contact: Bristol Water Corporate Affairs on 0117 953 6470 during
office hours or 0800 917 8066 at any time.
CHIEF EXECUTIVE OFFICER'S REPORT
It is with pride that I look back over the last year and reflect
on how much the business has achieved, despite another year of
uncertainty and change. We welcome the merger of Bristol Water into
the Pennon Group, and look forward to supporting the integration of
the business. We are excited about the opportunities the merger
will bring for our staff, with benefits from sharing experiences,
best practice and plans for the future. Working together, and by
sharing the best from across the Group, we will strive to
continually improve our service to our customers, communities and
wider stakeholders.
Whilst the year has seen a change in shareholder, our focus has
remained on delivering for our customers and looking to improve our
performance both operationally and financially. The skill,
dedication and professionalism shown by the Bristol Water team over
the last year has been outstanding. They should all be proud of
what they have achieved through embracing change whilst keeping the
focus on the communities we serve which makes Bristol Water so
special. We have seen continued excellence in our leakage
performance, with our 3 year average leakage performance now at
36.0 Ml/day (2020/21: 37.9Ml/day). This is the lowest level in the
industry, and we know we have a tough challenge over future years
in striving to meet a continued reduction.
I am particularly proud of our performance in respect of supply
interruptions. This is a critical measure for our customers, as it
reflects amount of time for which customers have had their water
supply interrupted over the year. Our performance reflects 2
minutes 31 seconds across the year (20202/21: 30 minutes 17
seconds) - a huge improvement year on year, and reflective of
improvements in process, ways of working, and approach from our
operational and support teams across the business. Whilst we have
experienced operational challenges - such as the burst main at
Colliters Way last summer, which is one of our key mains to supply
a large area of Bristol - the customer impact of these incidents
has been mitigated by using approaches such as infusion into the
network. Despite 11 pumping stations losing power during Storm
Eunice, we kept supply interruptions to a minimum with advanced
planning, mobilising our technology and our smart network
monitoring. It is great to see the enthusiasm and innovation with
which our teams have embraced the challenge.
Water quality performance has not achieved our targets this
year. Appearance contacts did not reduce as our stretching targets
required, but by the end of the year we were back on track.
Although we aim for 100% water quality compliance, and the number
of standard failures has remained low, we are determined to take
action to continuously improve our performance. Our action and
improvement plans have reduced the risks to water quality during
the year, and we are increasing our focus on this area at a time
that many of our performance measures have delivered record good
performance for Bristol Water.
Health and safety performance is another area where we have not
met our goals. We have seen a high number of hazards and near
misses reported both by our employees and our contractors; whilst
it is good that issues are identified, there is much more to do to
avoid accidents. We are focussed on doing more to minimise risks
and maintain focus and vigilance, to ensure all our staff go home
to their families without injury at the end of every day.
Our focus on delivering excellent customer service in everything
we do has resulted in continued good performance on the critical
C-Mex performance measure. Although we were disappointed not to
improve beyond 6(th) place overall, I am delighted by the fantastic
3(rd) place on the billing component. This demonstrates the hard
work undertaken with Pelican, our billing joint venture with Wessex
Water. Our operational customer service has also seen a focus and
dedication from across the business, with our operational teams
going out of their way to deliver tailored, supportive service to
our customers. It was great to be highlighted by the Institute of
Customer Service as one of the top 10 organisations across all
sectors for complaint handling last year.
It was a great privilege to celebrate 175 years of Bristol
Water, and the heritage that comes with this. Our social contract,
the first of its kind by any utility company, continues that work
to this day, with 93% satisfaction over the last year amongst the
community stakeholders who work with us on its delivery. It was an
honour to meet His Royal Highness the Duke of Gloucester in
October, and to be able to share with him the incredible work our
people do, and have done over our history.
With this in mind, I look forward to a future that builds and
celebrates this past, but also allows us to flourish and grow our
business through collaborating with our peers across the Pennon
Group. I am excited to find out what the future holds.
Mel Karam,
Chief Executive Officer
30 May 2022
UNAUDITED PRELIMINARY FINANCIAL STATEMENTS
YEARED 31 March 2022
INCOME STATEMENT (UNAUDITED)
for the year ended 31 March 2022
2022 2021
Note GBPm GBPm
Revenue 4 124.2 119.5
Operating costs excluding impairment losses on trade receivables 5 (88.8) (91.4)
Impairment losses on trade receivables 5 (2.7) (4.9)
Operating costs before exceptional items (91.5) (96.3)
Exceptional operating costs 5 (0.1) (2.2)
Total net operating costs 5 (91.6) (98.5)
Operating profit 32.6 21.0
Other net interest payable and similar charges 6 (17.8) (11.0)
Dividends on 8.75% irredeemable cumulative preference shares 6 (1.1) (1.1)
Net interest payable and similar charges 6 (18.9) (12.1)
--------- -------
Profit before tax 13.7 8.9
Taxation on profit on ordinary activities 7 (23.4) (2.1)
(Loss) / profit for the financial year (9.7) 6.8
--------- -------
(Loss) / earnings per ordinary share 8 (161.7)p 113.3p
--------- -------
All activities above relate to the continuing activities of the
Company.
STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
for the year ended 31 March 2022
2022 2021
Note GBPm GBPm
(Loss)/profit for the financial year (9.7) 6.8
Other comprehensive income:
Items that will not be reclassified to profit and loss
Actuarial loss on retirement benefit surplus (1.0) (0.3)
Remeasurement of defined benefit pension scheme restriction 7 0.4 0.3
Other comprehensive loss for the year, net of tax (0.6) -
------- ------
Total comprehensive (loss) / income for the year (10.3) 6.8
------- ------
STATEMENT OF FINANCIAL POSITION (UNAUDITED)
at 31 March 2022
2022 2021
Note GBPm GBPm
Non-current assets
Property, plant and equipment 696.6 682.9
Intangible assets 12.7 13.3
Other investments - Loans to group
undertakings 61.1 61.1
Deferred income tax assets 7.9 5.9
Retirement benefit surplus 8.1 9.1
-------- --------
786.4 772.3
-------- --------
Current assets
Inventory 1.9 1.7
Trade and other receivables 29.5 29.6
Cash and cash equivalents 12.0 10.9
43.4 42.2
Total assets 829.8 814.5
-------- --------
Non-current liabilities
Lease liabilities 12 (1.1) (1.5)
Deferred income tax liabilities (93.2) (72.3)
Borrowings and derivatives 12 (399.7) (379.2)
8.75% irredeemable cumulative preference
shares 12 (12.5) (12.5)
Deferred income (83.0) (82.9)
Government grants (0.3) (0.3)
(589.8) (548.7)
-------- --------
Current liabilities
Lease liabilities 12 (0.4) (0.4)
Current portion of borrowings and
derivatives 12 - (9.0)
Current portion of deferred income (1.9) (1.8)
Trade and other payables (38.0) (35.3)
Provisions for liabilities - (0.5)
(40.3) (47.0)
Total liabilities (630.1) (595.7)
-------- --------
Net assets 199.7 218.8
-------- --------
Equity
Called-up share capital 6.0 6.0
Share premium account 4.4 4.4
Other reserves 5.8 5.8
Retained earnings 183.5 202.6
Total Equity 199.7 218.8
-------- --------
STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
For the year ended 31 March 2022
Called up Share premium Capital Retained Total
share account redemption earnings
capital reserve
GBPm GBPm GBPm GBPm GBPm
Balance at 1 April 2020 6.0 4.4 5.8 201.8 218.0
------------- -------------- -------------- -------------- ---------
Profit for the year - - - 6.8 6.8
Other comprehensive income for the year:
Actuarial loss recognised in respect
of
retirement benefit obligations - - - (0.3) (0.3)
Remeasurement of defined benefit
pension scheme - - - 0.3 0.3
Total comprehensive income for the year - - - 6.8 6.8
------------- -------------- -------------- -------------- ---------
Ordinary dividends - - - (6.0) (6.0)
Balance as at 31 March 2021 6.0 4.4 5.8 202.6 218.8
------------- -------------- -------------- -------------- ---------
Balance as at 1 April 2021 6.0 4.4 5.8 202.6 218.8
------------- -------------- -------------- -------------- ---------
Loss for the year - - - (9.7) (9.7)
Other comprehensive loss for the year:
Actuarial loss recognised in respect
of
retirement benefit obligations - - - (1.0) (1.0)
Remeasurement of defined benefit
pension scheme - - - 0.4 0.4
Total comprehensive loss for the year - - - (10.3) (10.3)
------------- -------------- -------------- -------------- ---------
Ordinary dividends - - - (8.9) (8.9)
Share based payments - - - 0.1 0.1
Balance as at 31 March 2022 6.0 4.4 5.8 183.5 199.7
------------- -------------- -------------- -------------- ---------
The Board has not proposed a final dividend in respect of the
financial year 2021/22 (2021: GBPnil).
CASH FLOW STATEMENT (UNAUDITED)
For the year ended 31 March 2022
2022 2021
Note GBPm GBPm
Cash flows from operating activities
Profit before taxation 13.7 8.9
Adjustments for:
Share based payments 0.1 -
Deferred income amortisation (1.9) (1.8)
Depreciation 5 25.0 24.0
Amortisation of intangibles 5 3.9 3.7
Difference between pension charges and
contributions paid 0.9 1.0
Profit on disposal of assets (0.1) (0.1)
Interest income 6 (3.6) (3.9)
Interest expense 6 22.8 16.4
Pension interest income 6 (0.3) (0.4)
(Increase) in inventory (0.2) -
(Increase) / decrease in trade and other receivables (1.3) 2.3
Decrease in trade and other creditors and provisions (0.7) (3.0)
Cash generated from operations 58.3 47.1
Interest paid (12.4) (12.5)
Corporation taxes paid (1.9) (1.4)
Contributions received 2.1 2.9
Net cash inflows from operating activities 46.1 36.1
--------- ----------
Cash flows from investing activities
Purchase of property, plant and equipment and intangibles (40.4) (41.9)
Proceeds from sale of fixed assets 0.2 0.3
Interest received 6 3.6 3.9
Repayment of intercompany loan receivable - 4.4
Net cash used in investing activities (36.6) (33.3)
--------- ----------
Cash flows from financing activities
Proceeds from loans and borrowings 11.0 6.0
Repayment of loans and borrowings (9.0) -
Payment of finance lease liabilities (0.4) (0.9)
Preference dividends paid 6 (1.1) (1.1)
Equity dividends paid (8.9) (6.0)
Net cash used in financing activities (8.4) (2.0)
--------- ----------
Net increase in cash and cash equivalents 1.1 0.8
Cash and cash equivalents, beginning of year 10.9 10.1
Cash and cash equivalents, end of year 12.0 10.9
========= ==========
NOTES TO THE FINANCIAL STATEMENTS
1 General information
Bristol Water plc ("the Company") is a water supply company holding
an instrument of appointment as set out by the Water Industry
Act 1991. The Company is the licensed monopoly provider of water
services in the Bristol area, and as such is regulated by the
Water Services Regulation Authority - Ofwat.
Bristol Water plc is a public company, limited by shares, with
irredeemable preference shares and debenture stock listed on
the London Stock Exchange.
The Company is incorporated and domiciled in England, United
Kingdom. The address of its registered office is Bridgwater Road,
Bristol, BS13 7AT, England.
The financial information for the year ended 31 March 2022 does
not constitute statutory accounts within the meaning of section
435 of the Companies Act 2006.
The statutory accounts for the year ended 31 March 2022 will
be finalised on the basis of the financial information presented
by the Directors in this preliminary announcement, and will be
delivered to the Registrar of Companies in due course.
2 Basis of preparation
The unaudited financial statements of the Company are prepared
on a historical cost basis, except for financial assets and financial
liabilities (including derivative instruments) measured at fair
value and in accordance with Financial Reporting Standard 101,
'Reduced Disclosure Framework - Disclosure exemptions from EU-adopted
IFRS for qualifying entities' ("FRS 101") and with the provisions
of the Companies Act 2006.
The accounting policies adopted are consisted with those followed
in the preparation of the Company's 2022 Annual Report and Financial
Statements which have not changed significantly from those adopted
in the Company's 2021 Annual Report and Financial Statements
(which are available on the Company website www.bristolwater.co.uk).
3 Going concern
The Company meets its day-to-day working capital requirements
through its cash reserves and borrowings. At 31 March 2022 the
Company has access to undrawn committed funds and cash totalling
GBP39.0m (GBP32.9m excluding restricted cash), and the Company
has received confirmation from Pennon Group plc that it will
provide support to the Company should it be required, to meet
its liabilities as they fall due for the foreseeable future.
As a result, the Directors have concluded that the Company has
adequate resources, or the reasonable expectation of raising
further resources as required, to continue in operational existence
for the foreseeable future. The Company therefore continues to
adopt the going concern basis in preparing its financial statements.
Further information on the Company's borrowings is given in note
9.
4. REVENUE
2022 2021
GBPm GBPm
Appointed income
Household - measured 55.3 53.4
Household - unmeasured 40.9 41.7
Non-household - measured 22.2 19.2
Non-household - unmeasured 0.3 0.3
Contributions from developers 1.9 1.8
Third party services 1.4 1.4
Rental income 1.0 0.8
123.0 118.6
Non-appointed income
Recreations 0.7 0.5
Rental income 0.2 0.1
Other 0.3 0.3
---------- ----------
1.2 0.9
124.2 119.5
---------- ----------
Appointed income is income earned under the Company's water's
licence to supply water. Non-appointed income relates to activities
that do not require a water supply licence.
5. OPERATING COSTS
(a) Operating costs includes -
2022 2021
GBPm GBPm
Payroll cost, net of recharges to fixed assets
and including retirement benefit costs 17.0 18.3
Inventory recognised as an expense 2.8 2.6
Depreciation of tangible assets including impairment 25.0 24.0
Amortisation of intangible assets 3.9 3.7
Other operating charges 40.1 42.8
Operating costs excluding impairment losses
on trade receivables 88.8 91.4
Impairment of trade receivables 2.7 4.9
------- ---------
Total operating costs before exceptional items 91.5 96.3
Acquisition costs 0.1 -
Provision for legal and similar costs - (0.5)
Transformation costs - 2.1
Historic raw water costs - 0.6
Total exceptional items in the income statement 0.1 2.2
Total net operating costs 91.6 98.5
The acquisition costs relate to costs incurred in relation to
the acquisition of the Company by Pennon Group plc and the review
of the acquisition by the Competition and Markets Authority.
The prior year exceptional costs relate to provisions for legal
costs relating to two separate legal processes the Company entered
into in the year ended 31 March 2020 which both concluded in
the year ended 31 March 2021; increase in charges payable for
raw water abstraction for the financial year 2018/19 and 2019/20
following the conclusion of the arbitration with the CRT; and
transformation costs relating to a restructuring programme.
6. NET INTEREST PAYABLE AND SIMILAR CHARGES
2022 2021
GBPm GBPm
Interest payable and similar charges relate
to:
Bank borrowings 2.0 2.0
Term loans and debentures:
Interest charges 10.4 10.2
Indexation 9.6 3.2
Leases 0.1 0.2
Capitalisation of borrowing cost (0.4) (0.3)
Dividends on 8.75% irredeemable cumulative preference
shares 1.1 1.1
-------- --------
22.8 16.4
Less interest receivable and similar income:
Interest income in respect of retirement benefit
scheme (0.3) (0.4)
Loan to BWHUK - interest receivable (3.6) (3.9)
(3.9) (4.3)
Total net interest payable and similar charges 18.9 12.1
-------- --------
The rate used to determine the amount of borrowing costs eligible
for capitalisation was 5.0% (2021: 4.2%), which is the weighted
average interest rate of applicable borrowings.
Dividends on the 8.75% irredeemable cumulative preference shares
are payable at a fixed rate of 4.375% on 1 April and 1 October
each year. Payment by the Company to the share registrars is
made two business days earlier. The payments are classified as
interest in accordance with IFRS 9.
7. TAXATION
2022 2021
GBPm GBPm
Tax expense included in Income Statement
Current tax:
Corporation tax on profits for the year 1.3 1.6
Adjustment to prior years 3.3 (0.2)
-------- --------
Total current tax 4.6 1.4
Deferred tax:
Origination and reversal of timing differences 1.4 0.5
Adjustment to prior years (3.1) 0.2
Effect of change in UK corporation tax rate 20.5 -
Total deferred tax 18.8 0.7
Tax expense on profit 23.4 2.1
-------- --------
Tax income included in other comprehensive income
Remeasurement of post employment benefit liability (0.4) (0.3)
Total tax income included in other comprehensive expense (0.4) (0.3)
-------- --------
Factors affecting future tax charges
The UK main rate of corporation tax will increase to 25% from 1 April 2023. This change was
substantively enacted on 24 May 2021, as such deferred tax liabilities and assets have been
recalculated and recorded at the rate they are expected to unwind. This has increased the
tax charge in the income statement by GBP20.5m.
8. EARNINGS PER ORDINARY SHARE
2022 2021
m m
Basic earnings per ordinary share have been calculated as follows -
Earnings attributable to ordinary shares GBP(9.7) GBP6.8
Weighted average number of ordinary shares 6.0 6.0
---------- -------
(161.7)p 113.3p
As the Company has no obligation to issue further shares, disclosure of earnings per share
on a fully diluted basis is not relevant.
9. NET BORROWINGS
2022 2021
GBPm GBPm
Amounts falling due within one year
Bank and other term loans - 9.0
Lease liabilities 0.4 0.4
------- -------
0.4 9.4
------- -------
Amounts falling due after one year
Bank and other term loans - secured 397.0 376.5
Net unamortised premiums arising on issue of term loans 1.1 1.1
Lease liabilities 1.1 1.5
------- -------
399.2 379.1
------- -------
Irredeemable
Debentures 1.6 1.6
------- -------
1.6 1.6
------- -------
Cash and cash equivalents (12.0) (10.9)
Net borrowings excluding 8.75% irredeemable cumulative preference shares 389.2 379.2
------- -------
8.75% irredeemable cumulative preference shares 12.5 12.5
Net borrowings 401.7 391.7
------- -------
None of the bank and other term loans are payable in instalments.
Borrowing facilities
Unutilised borrowing facilities are as follows: 2022 2021
GBPm GBPm
Expiring in December 2021 - 6.0
Expiring in June 2023 19.0 19.0
Expiring in December 2023 8.0 19.0
27.0 44.0
-------- -------
The facilities are floating rate and incur non-utilisation fees at market rates.
COMMITMENTS
10.
Capital commitments at 31 March 2022 contracted for but not provided
were GBP6.9m (2021: GBP2.2m).
ULTIMATE PARENT COMPANY AND CONTROLLING PARTY
11.
The immediate parent company for this entity is Bristol Water
Core Holdings Limited ("BWCH"), a company incorporated in England
and Wales.
As at 31 March 2021, the Directors considered the ultimate parent
and controlling party of the Company to be iCON Infrastructure
Partners III, L.P acting through its Managing General Partner,
iCON Infrastructure Management III Limited.
On 3 June 2021 Pennon Group plc acquired the entire shareholding
of Bristol Water Holdings UK Limited ("BWHUK") the Company's intermediate
parent company, and its subsidiaries. As a result of the acquisition
of BWHUK, Pennon Group plc became the ultimate parent and controlling
party of the Company.
The smallest and largest group in which the Company is consolidated
is Pennon Group plc which is registered in England and copies
of its consolidated interim report are available from Peninsula
House, Rydon Lane, Exeter, Devon, England, EX2 7HR.
RELATED PARTY TRANSACTIONS
12.
Throughout the year, related parties include members and joint
ventures of the Bristol Water Group Limited group of companies
(until 2 June 2021); members of the Pennon Water plc group of
companies (from 3 June 2021); members of the iCON Infrastructure
LLP group of companies (until 2 June 2021); members of Itochu
Corporation (until 2 June 2021), and key management personnel.
The principal related parties are:
Pennon Group plc ("PG"), registered in England and Wales, whose
year end is 31 March, and is the Company's ultimate UK holding
company.
BWHUK , registered in England and Wales, whose year end is 31
March.
BWCH , the Company's immediate parent, registered in England
and Wales, whose year end is 31 March.
Bristol Wessex Billing Services Limited ("BWBSL") , registered
in England and Wales, whose year-end is 31 March. The joint venture
interest is held by Bristol Water Holdings Limited, an intermediate
holding company within the BWHUK group of companies, which owns
100 class 'B' shares in the company, representing a holding of
50% of the voting and equity rights of the company. BWBSL is a
joint venture undertaking between Bristol Water Holdings Limited
and Wessex Water Services Limited, and provides meter reading,
billing, debt recovery and customer contact management services
to this Company and Wessex Water Services Limited, under a cost
sharing arrangement.
Water 2 Business Limited ("W2B" ), registered in England and
Wales, whose year-end is 30 June. The interest is held by BWH
Limited, an intermediate holding company, which owns 30 class
'B' shares in the company representing a holding of 30% of equity
rights and 40% of voting rights of the company. W2B has a retail
water and sewerage supply licence and provides retail water services
to non-household customers.
Pennon Water Services Limited ("PWS"), registered in England
and Wales, whose year-end is 31 March. The interest is held by
PG, the ultimate parent company, which owns 80% of PWS. On 3 June
2021, following the acquisition by Pennon Group plc, PWS became
a related party of the Company. PWS has a retail water and sewerage
supply licence and provides retail water services to non-household
customers.
Bristol Water Group Limited ("BWG"), registered in England and
Wales, whose year end is 31 March, and until 2 June 2021 was the
Company's ultimate UK holding company. F ollowing the acquisition
by Pennon Group plc, BWG ceased to be a related party of the Company
on 2 June 2021.
12. RELATED PARTY TRANSACTIONS (continued)
Trading transactions
During the year the Company entered into trading transactions with related parties totalling:
Sales of goods and Purchases of goods and
services services
2022 2021 2022 2021
GBPm GBPm GBPm GBPm
Joint ventures and associates of the
Pennon Group plc group
BWBSL
- management charges - - 2.8 2.8
- capital expenditure - - 0.2 0.2
- other recharges - - 0.1 0.1
W2B
- non-household supply of water 16.7 17.1 - -
PWS
- non-household supply of water 0.6 - - -
17.3 17.1 3.1 3.1
--------- --------- ---------------- -------------
The amounts above relating to PWS are for the period 3 June 2021, when PWS became a related
party of the Company, to 21 March 2022.
Non trading transactions
During the year BW received GBP1.6m (2021: GBPnil) from BWG for employee services to BWG.
At the year end the balance was zero.
At the year end the balances held with related parties were:
Amounts due from Amounts due to
2022 2021 2022 2021
GBPm GBPm GBPm GBPm
Joint ventures and associates of the
Bristol Water Group Limited group
BWBSL 0.9 1.0 1.4 1.4
W2B 1.4 1.2 0.3 -
PWS - - - -
2.3 2.2 1.7 1.4
-------------- --------- ------------- --------------------
The amounts outstanding are unsecured and will be settled in cash. As a retailer in the non-household
market, W2B and PWS supply collateral under the market codes, no guarantees have been given
or received. No provisions have been made, or are considered necessary, for doubtful debts
in respect of the amounts due from related parties.
13. Circulation
This unaudited announcement is available on the Bristol Water web site: http://www.bristolwater.co.uk
. Paper copies are also available from the Company's registered office at Bridgwater Road,
Bristol, BS13 7AT.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
FR FLFLREAIIVIF
(END) Dow Jones Newswires
May 31, 2022 02:00 ET (06:00 GMT)
Bristol Wtr.8t% (LSE:BWRA)
Historical Stock Chart
Von Mai 2024 bis Jun 2024
Bristol Wtr.8t% (LSE:BWRA)
Historical Stock Chart
Von Jun 2023 bis Jun 2024
