HDF (UK) HOLDINGS LIMITED

1. HDF (UK) HOLDINGS LIMITED 2005-08-17 → present
2. HACKREMCO (NO. 2273) LIMITED 2005-05-25 → 2005-08-17

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

IFRS

Reporting scope

Consolidated group

Auditor

PricewaterhouseCoopers LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The directors have undertaken a detailed review of the group and company's liquidity requirements compared with the cash and facilities available which includes cash at hand, cash on deposit, and committed bank facilities of which £56.0 million remained undrawn at 31 March 2025. The directors have also considered the financial covenant position including projections based on future forecasts, the current credit ratings and financial risk. The YPRO2 business plan is the group's most ambitious business plan ever. The proposed investment over the five years 2025 to 2030 amounts to £2.1 billion with goals to improve customer service, reduce customer supply interruptions and strengthen network resilience. A significant investment in environmental schemes is also proposed. As a result of the higher operating and capital expenditure proposed in the business plan, the group and company has forecasted a net cash outflow position before financing inflows over the going concern period of 12 months to December 2026. In forming their view on going concern, the directors are aware that the financial statements of South East Water Limited for the year ended 31 March 2025 contained a material uncertainty in respect of going concern. At the date of signing of the South East Water Limited financial statements on 14 July 2025, the renewal of the revolving credit facility which was due to mature in September 2024 had not been legally committed. Since that time, on 15 August 2025, South East Water Limited entered into a new revolving credit facility with a maturity of 15 August 2028, and also entered into a new £30 million term loan with a maturity of 15 August 2028. As a consequence of the renewal of the revolving credit facility and the new £30 million term loan, the company and group forecast base case does not indicate an additional requirement for financing in the going concern period. Based on the above, and on the basis of their assessment of the group's and company's overall financial position, and the latest cash flow forecast shared with the board, the directors have a reasonable expectation that the group and company has adequate resources to continue in operational existence for the foreseeable future, being a period of at least 12 months from the date of approval of these financial statements. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.”

Group structure

1. HDF (UK) HOLDINGS LIMITED · parent
   1. Hastings Water (UK) Limited 100% · UK · Holding company
   2. South East Water (Holdings) Limited 100% · UK · Holding company
   3. South East Water (Finance) Limited 100% · Luxembourg · Supply and distribution of water
   4. Swan Group 100% · UK · Raising finance and lending to group companies
   5. Swan Property Limited 100% · UK · Holding company
   6. MKW Holdco 1 100% · UK · Holding company

Significant events

• “In May 2025 a further equity injection by the company's shareholders resulted in the issue of 1.6 billion new shares a par value of £0.125 per share. The £200 million raised from the share issue will be used to reduce the group's gearing.”

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

2

last 24 months

Officers appointed

1

last 12 months

Officers resigned

1

last 12 months

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

• Turnover

  +1.8%

  £280,594,000 → £285,517,000

• Cash

  +310.7%

  £9,402,000 → £38,610,000

• Net assets

  +3,673.9%

  £509,000 → £19,209,000

• Employees

  +5.2%

  1,072 → 1,128

• Operating profit

  -13.3%

  £62,097,000 → £53,819,000

• Profit before tax

  +21.4%

  -£61,809,000 → -£48,555,000

• Wages

  +10.2%

  £41,551,000 → £45,791,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers