Electricity North West’s revenue fell during its latest financial year because of the Covid-19 national and local lockdowns while its profits slumped by almost £80m.
The Warrington-headquartered company has reported a revenue of £441.4m for the 12 months to March 31, 2021, down from £469.5m.
Its pre-tax profits also fell from £90m to £11.9m over the same period.
In newly-filed accounts with Companies House, the firm said the decrease in revenue was due to the reduction in electricity consumption during the national and local Covid-19 lockdowns during the year.
Its pre-tax profits fell because of a “reduction in operating profits and a fair value movement on derivates held for trading”.
A statement signed off by the board said: “Like most businesses, the Covid-19 pandemic has had a direct effect on our revenue and cost base.
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“During the year we have provided additional investment in remote IT access to allow colleagues to work from home, seen increased costs for the provision of PPE and seen some reductions in revenue in our business connections activity.
“Our revenues are collected, in part, based on the demand over the network. With the national and local lockdown restrictions, this has naturally fallen over the year, with a short-term reduction in revenue recorded and cash flows.
“To the extent that we have not collect[ed] all our allowed revenues in this year, the regulatory framework adjusts collections in future years, and therefore this will not have a lasting economic impact on us.”