Directorate Change

RNS Number : 1533E

Northumbrian Water Group PLC

15 December 2009

 



15 December 2009

Northumbrian Water Group plc

(the Company or the Group)

Acceptance of final determination of price limits

and

Appointment of Chief Executive Officer

The Group's principal subsidiary, Northumbrian Water Limited (NWL), has considered carefully the detailed information provided by Ofwat as part of its final determination of price limits to apply during the period from April 2010 to March 2015. The NWL board today confirmed that it does not intend to seek a referral to the Competition Commission of the price limits published on 26 November 2009.

The Group Board has considered this decision and the financial performance of the Group's non-regulated businesses. The Board confirms that it expects to be able to maintain its current progressive dividend policy with annual real growth of 3% (before inflation) over the next regulatory period. The Board believes this provides shareholders with a sustainable policy consistent with the regulatory environment within which NWL operates, while maintaining a stable financial position.

The Company is pleased to announce the appointment of Heidi Mottram as Chief Executive Officer.  She will join the Company on 1 March 2010 from Northern Rail Limited, where she has been Managing Director for five years, and will take up her new position formally on 1 April 2010.  Heidi has extensive experience of a complex regulated business with a large customer base, having spent over 20 years managing all aspects of rail services.  Earlier this year she was named Rail Business Manager of the Year at the annual Rail Business Awards for "being an inspirational leader who makes a huge personal difference to passengers and staff".

The Board believes Heidi's background and experience will be invaluable as Northumbrian Water strives to maintain its position as a leading player in its sector and within the regions it serves.

For further information contact:

Northumbrian Water John Cuthbert, Managing Director Chris Green, Finance Director	0191 301 6419
Pelham PR Chelsea Hayes Archie Berens	020 7337 1509

 

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