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Chairman's Statement
I am delighted to report on another successful year for the
Company, details of which are given in the Financial and Operational Reviews.
The most important event was the opening of our new
headquarters building in Fulbourn Road. Operations moved over the May Day
weekend with no disruption to customer services. The move concluded a five year
plan to rationalise our operations and we are at last able to benefit from all
the advantages of modern management systems and flexible office space.
The Company continued to operate efficiently and was one of
only four companies to be ranked by the regulator, OFWAT, as most efficient for
both operating and capital maintenance costs. These four companies are now used
by OFWAT as the benchmark against which all other water suppliers are measured.
In common with other water suppliers in the South and East
of England we continue to monitor the effect on our water supplies of a second
dry winter. Fortunately, previous investment in resources and metering gives us
confidence that our reserves should allow our customers to avoid restrictions
in 2006 unless extreme conditions prevail.
Profit on ordinary activities before tax and excluding sales
of assets increased substantially, demonstrating the control of operating costs
that is essential under price control regulation.
The service the Company provides continues to be of a high
standard and was, once again, perceived as good against all OFWAT performance
indicators of Levels of Service. Our success in these areas owes much to the
employees who have continued to adopt a flexible approach to new ideas and
systems. I take this opportunity to express my appreciation of the efforts of
all employees who continue to provide excellent customer service.
M Halstead
Chairman
9 May 2006
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