Utilities group Pennon has reported a 88% drop in profit, before tax, in its annual report.
The Exeter firm recorded that its profits fell to £400,000 from £15.6m the previous year. It said extreme weather patterns and increased costs, at a time when customers are struggling with the cost-of-living and high energy bills contributed to the dip.
However, the firm, which operates South West Water, Bournemouth Water, and the recently acquired Bristol Water said underlying revenue increased by 4.1% to £825m over the last 12 months.
