31 Events after the reporting period
In May 2010 the group agreed the disposal of its Australian business for approximately £135 million comprising £106 million in cash and £29 million in net debt assumed by the purchaser. The transaction is subject to a number of consents and regulatory approvals and financial close is expected in the second half of 2010. The results of the Australian business are included within continuing operations for the year ended 31 March 2010 and are presented within the group’s non-regulated activities segment.
The group’s contract with Welsh Water has not been renewed for the 2010-15 regulatory period. The contribution from this contract was immaterial to the non-regulated activities segmental result for the year ended 31 March 2010.