Water retailer is making Waves as revenues rise

WATER management and retailer Wave has grown revenues to more than half a billion pounds thanks to continued success with public sector clients.

- TOM KEIGHLEY

The Durham-based firm works with other businesses and councils to drive down water usage and lower bills and is part-owned by Northumbrian Water.

New accounts, for the year to the end of March show it generated revenue of nearly £555m, up from £495.5m, as operating profits dipped from £13.1m to £11.1m.

Total shareholder funds grew from £58.7m to £64.8m. And employee numbers rose from 327 to 331, with the growth mainly in its operations.

Bosses pointed to a £22m reduction in loans and borrowings as the firm repays long term loans to shareholders from the start of the joint venture between Anglian Water Business and NWG Business in 2017.

Wave said it is generating sufficient cash to fund its operations and make repayments.