Interim Results Announcement for the six months ended 30 September 2004

HIGHLIGHTS

• Group turnover from continuing operations increased 5.5% to £378.6m.
  
  
• Group operating profit from continuing operations increased 5.2% to £153.6m.
  
  
• Group profit before taxation and exceptional items increased 8.2% to £107.9m.
  
  
• Adjusted earnings per share (excluding deferred tax) increased 15.3% to 25.6p.
  
  
• Interim dividend increased 3.0% to 8.34p (2003: 8.10p).
  
  
• Continued good performance from Yorkshire Water; profit growth driven by higher turnover and further efficiency gains.
  
  
• Continued growth in UK Service Operations; preferred bidder for waste water contract with Dwr Cymru.
  
  
• Yorkshire Water accepts OFWAT’s price determination.
  

KEY FIGURES	2004	2003	Increase
Group turnover from continuing operations	£378.6m	£358.8m	5.5%
Group operating profit from continuing operations	£153.6m	£146.0m	5.2%
Profit before taxation and exceptional items	£107.9m	£99.7m	8.2%
Adjusted earnings per share (excluding deferred tax)	25.6p	22.2p	15.3%
Interim dividend per share	8.34p	8.10p	3.0%

Commenting on the results, Kelda Chairman John Napier said:

“The company has made a good start to the year and we are seeing the continuing benefits of our focus strategy on water and waste water, with further efficiency gains at Yorkshire Water and clear growth in our non-regulated business.  Following the clarity provided by the price determinations during the period for Yorkshire Water and Aquarion, we expect to maintain and improve our performance over the longer term”.

For further information contact-

8 December	Martin Towers, Kelda Group	020 7568 2128
	David Trenchard, Tulchan Communications	020 7353 4200
After 8 December	Rob Salmon, Director of Corporate Affairs	01274 692 639

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