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Annual Results

Severn Trent boosts FY pretax profit, turnover

23 May 2017 07:20

Severn Trent has boosted its FY pretax profit and turnover in a 12-month period that it said saw strong operational delivery.

"Sewer floodings are down 21%, and we have further reduced both supply interruptions and leakages," said CEO Liv Garfield.

"We have done this while maintaining the lowest bills in Britain. These results are testament to the hard work of my colleagues over the past year."

Pretax profit on ordinary activities was £336.1m, up from £302.9m. Turnover was £1.82bn, up from £1.75bn. It proposed a final dividend of 48.9p a share, taking the total to 81.5p.

"Strong operational delivery resulted in net customer ODIs of £47.6m, alongside which we are helping more than 50,000 vulnerable customers," said Garfield.

"New digital technology and improved processes are key building blocks in driving our ambition to be upper quartile versus our peers.

"We are improving our efficiency and have identified a further £100m totex savings this regulatory period, taking total efficiencies to £770m."

Garfield said Severn Trent was delivering both strong customer-focused and financial outperformance this regulatory period.

"The board is therefore pleased to announce an upgrade to our ordinary dividend policy, to growth of at least RPI +4%."

"This year has had many highlights, however we know there is a lot of hard work needed to further improve our customers' experience when things go wrong and we are confident in our plans to deliver these improvements."

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