The parent firm of South West Water and Bristol Water has seen half-year profits slump by three quarters after it was hit by a doubling of power costs amid the energy crisis.
Exeter-based Pennon Group said pre-tax profits fell by 75.1% to £22.5m in the six months to September 30, despite revenues rising by 9.3% to £425.5m.
The FTSE utilities firm, which provides water to around 3.5 million people across the South West, said its power costs had jumped to around £49m from £24m a year ago, and shot up by around £23m on a like-for-like basis.
