Good start to the year, underpinning our intention to outperform our Final Determination:
- Group turnover of £896.1 million, flat year on year
- Group PBIT of £281 million, up 2.6% on an underlying1 basis
- Underlying1 basic earnings per share of 58.6p, up 11.4%
We continue to reinforce the customer's place at the heart of our business
- Lowest combined customer bills in Britain with an average bill of £329
- A number of initiatives launched to keep customers informed, including new digital services, Track My Job and In My Street, a 24/7 Twitter channel and web chat for customer contact
- Increased commitment to support customers, with overall complaints reduced by 35% and a significant increase in the number of customers helped through social tariffs
Confident of continued outperformance through our five levers:
1. Good progress in all operational metrics, with 83% showing improvements
▪ £10 million net reward now expected from ODI outperformance for 2015/16
2. Full £372 million2 of efficiencies now secured for AMP63
▪ Up to £50 million more to be locked in by May 2016
▪ Opportunity for further efficiencies
3. Wholesale totex of £467.1 million
▪ Opex down through the efficiency programme
▪ Good start to AMP6 capital programme, with £236 million4 invested in the first half;
4. 32% of Regulated Water and Waste Water's energy needs now generated through our renewable energy programme, and on target for 50% by 2020
5. Good progress on our financing strategy
▪ Average cost of debt now 4.6%, down from 5.5% in 2014/15
▪ Completed £471 million5 debut US private placement in November
Interim dividend of 32.26p per share in line with policy
