Half Year 2019 Interim Report

WEL Group has released its interim Unaudited Financial Results for the six months to 30 September 2018, announcing a profit after tax of $21 million.  

Group highlights include:

  • Revenue of $109 million, ahead of prior year by $19 million predominately relating to strong urban development via third party contributions, increased utilisation of our electricity network and stronger uptake of fibre network access services.
     
  • Total net debt of the Group was $513 million, an increase of $36 million from March 2018, with borrowings relating to the completion of the UFB2 fibre network build programme.
     
  • Total assets of $1.1 billion, an increase of $46 million from March 2018.
     
  • Profit after tax of $21 million, an increase of $11 million from the 30 September 2017 result

View the 2019 Interim Report


Annual Report 2018

The 2017-18 year has been positive for the WEL Group as we continue to provide reliable multi-utility services to our communities and extend the reach of our fibre network into additional North Island communities.

View the 2018 Annual Report

Key highlights:

  • The WEL Group has delivered its first full financial year of consolidated year end results incorporating Ultrafast Fibre Limited (‘UFF’).  The Net Profit after Tax of $13.4M was $1.8M higher than budget due to commercial lines consumption and continued strong urban development in the Waikato region.

     

  • A total of $20 million (including GST) distributed to customers in this year’s annual discount payment. 

  • From the 2019 financial year, the annual discount payment will be discontinued and replaced with reduced lines prices for residential electricity customers. As at 1 April 2018 residential lines prices reduced on average by approximately 8%.
     
  • In November 2017 the first customer connected to OurPower, an online energy retail solution which utilises smart solutions, to provide lower cost electricity to consumers.