SP MANWEB PLC

• ◆

  3 officer resignations in last 12 months

  Multiple officers have left the board recently — see the People section for who.

1. SP MANWEB PLC 2001-10-02 → present
2. MANWEB PLC 2001-05-23 → 2001-10-02
3. SP MANWEB PLC 2001-05-14 → 2001-05-23
4. MANWEB PLC 1989-04-01 → 2001-05-14

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 101

Reporting scope

Standalone (parent only)

Auditor

KPMG LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons. The principal activity of the Company is the ownership of the electricity distribution network in Cheshire, Merseyside, North Shropshire, and North Wales within the group headed by SPUK ("the SPUK Group"), the Company's intermediate parent company. The Company's cash flows are therefore dependent on the continuation, volume, and pricing of those operations and have been considered as part of the SPUK Group's cash flow forecasts, on which the directors of the SPUK Group have performed an assessment of reasonably possible downsides. Cash and liquidity are managed centrally by the ScottishPower Treasury function, with working capital requirements of the Company funded by SPL, the parent company of SPUK, who also operate a cash pooling arrangement, which the Company is party to. Centralised funding and cash management aligns with the Iberdrola Group model. The directors have performed a going concern assessment which indicates that, in both the base case and reasonably possible downsides, the Company will require additional funds, through funding from SPUK, to meet its liabilities as they fall due for at least twelve months from the date of approval of these financial statements, the going concern assessment period.”

Significant events

• “SPENH acquired 88% of the share capital of North West Electricity Networks (Jersey) Limited ("NWEN") in October 2024. NWEN indirectly owns 100% of the share capital of Electricity North West Limited ("ENW").”
• “The second year of the five-year, £3 billion, RIIO-ED2 (Revenue = Incentives + Innovation + Outputs) price control period commenced on 1 April 2024.”
• “The Company increased the estimated useful life of its onshore underground cable assets from 40 years to 60 years.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

7

last 12 months

Capital events

0

last 24 months

Officers appointed

2

last 12 months

Officers resigned

3

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  +16.7%

  £503,900,000 → £588,300,000

• Cash

  -79.8%

  £12,900,000 → £2,600,000

• Net assets

  +10.2%

  £793,700,000 → £874,400,000

• Employees

  +3.3%

  857 → 885

• Operating profit

  +66.6%

  £179,400,000 → £298,800,000

• Profit before tax

  +124.7%

  £88,200,000 → £198,200,000

• Wages

  +11.1%

  £51,500,000 → £57,200,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. Periods don't have to be exactly 12 months apart — a long or short period (typical around incorporation or year-end changes) will distort the comparison. Lines a company doesn't report are omitted. About these numbers