This company supplies a million households in southeast England, but it also treats and recycles dirty water from a further million. This February, Southern Water Capital (SWC) and France’s Veolia Environement agreed to acquire Southern Water’s holding company, First Aqua. SWC will be 49% owned by Royal Bank of Scotland. The company reported operating profits of £203m on sales of £430m in 2002, a hefty 47% margin.
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