Banking firm that owns Southern Water posts record profits

Macquarie’s net profit is up 10% with top commodity trader landing A$58m through profit-share deal

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The Australian banking company that controls Southern Water, the firm criticised for discharging sewage into the sea, has posted record profits after a boom in its commodities trading division.

Macquarie, which owns a string of UK infrastructure assets, recorded an annual net profit of A$5.18bn (£4bn), up 10% on the previous year. The profits outstripped analysts’ expectations of A$4.96bn for the 12 months to 31 March 2023.