| CATEGORY: NEWS AND ANNOUNCEMENTS SECTOR: GAS, WATER & MULTIUTILITIES |
Going with the flow at Northumbrian Water |
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Thu 29 Jul 2010
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LONDON (SHARECAST) - Northumbrian Water Group’s trading since the beginning of April has been in line with expectations.
Operating costs for the 12 months to 31 March 2011 are forecast to increase by around 4% (excluding restructuring costs in 2009/10). This reflects increased depreciation, rates, hired services and pension costs, offset by savings on power, which is bought forward to March 2015.
The group continues to have a strong funding position with sufficient resources to meet all the requirements of the business to the end of 2011. Discussions with the European Investment Bank for a new loan facility of £150m are at an advanced stage. The group's cash position at 30 June 2010 was £200m. Net debt is expected to be around £2.3bn at 31 March 2011 and gearing levels are not forecast to be materially different from the position reported in June.
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