YORKSHIRE WATER saw annual turnover rise by five per cent to £984.2m. But operating profit fell by the same percentage to £330.2m.
In the year ending March 2014, the Bradford-based utility spent £344.6m on capital projects. This represents a fall of 10 per cent on the same period last year.
Yorkshire Water has committed to keep bill increases in line with inflation until 2020.
Kevin Whiteman, chairman, said: “Yorkshire Water again has a good set of financial results underpinned by continuing investment and improvement in our operational and environmental performance.
“Over the past 12 months we have performed strongly against Ofwat’s key performance indicators, with the trend being one of year-on-year improvement across many of our regulatory measures.
“Particularly pleasing has been the significant improvements we have delivered in the quality of our customer service, which we intend to build on further in 2014/15.”
He highlighted substantial capital investment in the region including a £110m initiative to improve bathing waters on Yorkshire’s east coast, a £30m investment in waste water treatment works in Bradford and a £23m investment in a new anaerobic digestion facility in Sheffield.
Foreign-owned Yorkshire Water faced a barrage of criticism from MPs last year after it emerged that it paid no corporation tax in spite of making an annual pre-tax profit of £186m.
The company defended its record, saying it paid its tax in full and in total compliance with HMRC, and said it invested more than £1m a day in the region’s economy.