South East Water urgently requires a money injection from their shareholders to maintain operating in any other case the troubled firm is not going to have “ample liquidity for the going concern interval.”
South East Water are getting ready for an Ofwat ruling over their spending plans for the longer term.
The water firm stated they’re in “discussions with lenders and shareholders relating to further liquidity.”
Firm bosses have stated they’re in “superior” stage talks and predict to lift the required funding.
The water firm serves 2.3 million clients throughout Surrey, Kent and Sussex.
South East Water stated in an announcement on Wednesday, “If it’s not doable to lift the extra liquidity, the group and subsequently firm wouldn’t have ample liquidity for the going concern interval.”
They added, “The chance that the funding is not going to be acquired constitutes a cloth uncertainty which will forged vital doubt on the flexibility of the group and firm to proceed as a going concern.”
They’ve put ahead plans to extend spending to £1.9 billion to maintain up with the upkeep of the infrastructure and a pair of.3 million folks will likely be hit with a 22% rise of their payments because of this.
Within the 12 months to 31 March South East Water pre-tax losses was £36 million, in comparison with £74 million the earlier 12 months, while the turnover was £281 million.
South East Water stated, “For the reason that investigation was launched, we’ve entered right into a constructive and clear dialogue with Ofwat.
“Our colleagues, contractors, companions and stakeholders have all performed a significant function in guaranteeing we saved the faucets flowing for as many purchasers as doable, even throughout the excessive climate which impacted on our operations and general efficiency in 2023/24.
“Regardless of all our efforts, there have been nonetheless some points throughout the 12 months and we’d wish to apologise to clients who skilled any provide interruptions.”
South East Water urgently requires a money injection from their shareholders to maintain operating in any other case the troubled firm is not going to have “ample liquidity for the going concern interval.”
South East Water are getting ready for an Ofwat ruling over their spending plans for the longer term.
The water firm stated they’re in “discussions with lenders and shareholders relating to further liquidity.”
Firm bosses have stated they’re in “superior” stage talks and predict to lift the required funding.
The water firm serves 2.3 million clients throughout Surrey, Kent and Sussex.
South East Water stated in an announcement on Wednesday, “If it’s not doable to lift the extra liquidity, the group and subsequently firm wouldn’t have ample liquidity for the going concern interval.”
They added, “The chance that the funding is not going to be acquired constitutes a cloth uncertainty which will forged vital doubt on the flexibility of the group and firm to proceed as a going concern.”
They’ve put ahead plans to extend spending to £1.9 billion to maintain up with the upkeep of the infrastructure and a pair of.3 million folks will likely be hit with a 22% rise of their payments because of this.
Within the 12 months to 31 March South East Water pre-tax losses was £36 million, in comparison with £74 million the earlier 12 months, while the turnover was £281 million.
South East Water stated, “For the reason that investigation was launched, we’ve entered right into a constructive and clear dialogue with Ofwat.
“Our colleagues, contractors, companions and stakeholders have all performed a significant function in guaranteeing we saved the faucets flowing for as many purchasers as doable, even throughout the excessive climate which impacted on our operations and general efficiency in 2023/24.
“Regardless of all our efforts, there have been nonetheless some points throughout the 12 months and we’d wish to apologise to clients who skilled any provide interruptions.”
