BW's Jonathan Ludford responded: "We thank Tim for his typically constructive comments, however he should be reminded that British Waterways Marinas Ltd (BWM Ltd) was only formed at the start of the year and BW's 2003/04 accounts only reflect its first three months of trading.

"The accounts therefore include all the start-up costs associated with forming a tensite marina business and do not include the additional seasonal incomes marinas can generate from boat and chandlery sales.

As BW's Annual Report & Accounts states, BWM Ltd is expected to be profitable on a full year basis during 2004/05."