Severn Trent’s guidance unchanged following strong performance
Water company Severn Trent has hailed a strong operational performance across all areas of its business.
The group, which serves millions of customers across the Midlands and mid Wales, reiterated its guidance, saying there had been no changes to its business performance or outlook since since its interim results announcement in November.
It also said its guidance to deliver at least £75 million in customer ODI (Outcome Delivery Incentives) rewards has remained unchanged following the strong performance.
In the period to February 2, the FTSE-100 firm reported that 90 per cent of its customer ODI measures remained ahead of target, including a 100 per cent registered on environmental measures.
In the six months ending September 30, the group’s financial results were in line with expectations, as it reported a £958 million turnover – up eight per cent – while profits before interest and tax jumped 13.8 per cent to £256 million.
Severn Trent’s chief executive Liv Garfield said: “We’ve made another strong start to the year as we focus on delivering for stakeholders across our region and delivering for customers in the areas that matter most to them, all while driving the financial performance of our business."
Severn Trent’s annual results presentation will take place on May 25.
Last month, Shropshire Council promised to put pressure on water companies Severn Trent and Welsh Water to invest in drainage improvements and provide timescales for mitigating the effect of sewage and other pollutants being released into Shropshire’s rivers.
