MUA posts £1 million annual surplus

Sale of former HQ key to overturning deficit

Manx Utilities Authority has reported a £1 million surplus for the past financial year, reversing a deficit of £3 million [in 2014-15].

The MUA will present its annual report and accounts to Tynwald next week - two years after its formation in a merger of the former water and electricity authorities.

The figures show revenue up by £2 million - mainly through the sale of the former Water and Sewerage headquarters - while  operating costs have fallen by the same figure.

Capital expenditure, partly funded through the sewerage rate, totaled £19 million. 

Consumers faced price rises in line with inflation, but overall sales of electricity fell.

Chairman Dr Alex Allinson says the MUA serves the community well.