Severn Trent Water has posted a £80 million increase in pre-tax profit as its new chief executive warns there is "much more" to do to improve standards and processes.
The Coventry-headquartered company saw pre-tax profit climb from £200.2 million to £282.7 million in the year to March 31, 2014, underpinned by a £25.1 million increase in turnover to £1.85 billion in the year to March 31, 2014
Chief executive Liv Garfield, who took over the top job earlier this year , told the stock exchange today:
"I am pleased to report that the business has delivered another year of good financial performance in 2013/14.
"In my first eight weeks, I've really enjoyed exploring the organisation from top to toe, and have relished spending time out and about listening to the views of thousands of my colleagues.
"I have seen a great deal of teamwork, enthusiasm and commitment to serving our customers and to continually improving our performance.
"We know there is much more we need to do to improve our processes, speed up decision making and raise our standards.
"I look forward to continuing our discussions with Ofwat in the next few weeks and submitting a revised plan for 2015-2020 on June 27."