Annual credit investor update

We are achieving leading and sustainable results across many areas of operational performance, benefiting from the investment that we accelerated into the early years of the current regulatory period and from our deeply embedded innovation culture that is considered to be the best in the sector. Our Systems Thinking approach has underpinned a strong performance on our outcome delivery incentives against a backdrop of increasingly challenging targets and maintaining resilient services to customers during the extreme periods of weather in 2018.

Ofwat’s fast-track assessment of our 2020-2025 business plan - that achieved the highest grades for the sector - reflects the quality of our future plans and the performance improvements we have already delivered. We are increasing our additional investment by another £100 million, to total £350 million, to accelerate the delivery of further performance improvements and facilitate a flying start to the next regulatory period. We are well placed for the remainder of the current regulatory period and beyond as we maintain our focus on providing great service to customers and creating long-term value for all of our stakeholders.

Always operating in the best interests of customers is at the very heart of our operations and this is reflected in our best ever customer satisfaction scores. We have taken the lead in transforming how the sector supports customers, particularly those in vulnerable circumstances, and have delivered more for customers whilst reducing bills by 10 per cent in real terms since 2010.