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21 May 2019 | 07:23

Severn Trent profit rises 6.8% on higher water business sales

Water utility Severn Trent posted a 6.8% rise in annual profit, driven by higher sales in its regulated and waste water business following tariff increases and growth in its business services unit.

Pre-tax profit for the year through March rose to £563.3m, as revenue rose 4.2% to £1.78bn.

Severn Trent declared a full-year dividend of 93.37p per share, up 7.9% on-year.

Strong perational improvements in the water business in the second-half offered confidence in the current financial year and beyond, the company said.

'This has been a year where our teams have really stepped up, whether in response to customer needs in the face of one of the hottest and driest summers we've seen or by being named by Ofwat as one of the top companies in the sector when we received fast-track status for our future plans,' chief executive Liv Garfield said.

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