U.S. News

Northumbrian Pretax Profit Rises 13.4% to $294.12 Million


Northumbrian Water said it had decided not to apply above-inflation price rises allowed by the regulator as it posted a 13.4% increase in pretax profits to £147.8 million ($294.12 million).

Northumbrian said its strong performance in the year to March 31 had persuaded it not to impose the increases permitted by Ofwat in the last two years of the current regulatory period.

"Alongside high standards of service, customers will now benefit from bills that will be lower than they otherwise would have been," managing director John Cuthbert said.