Severn Trent Reports Robust Financial Performance In Line With Expectations

Source: FinanzNachrichten.de

BIRMINGHAM (dpa-AFX) - Severn Trent Plc (SVT.L), on Wednesday, issued trading update for the period to 13 February 2024 and reported robust financial performance in line with expectations.

The company confidently stated that it will retain four star status in the Environment Agency's annual Environmental Performance Assessment for a sector-leading fifth consecutive year. Four star status is the highest rating achievable, and includes zero serious pollution incidents in the year.

Severn Trent continues to guide to at least £50 million in ODI rewards this year, despite having experienced ten named storms since September, contributing to the last six months of 2023 being the third wettest for England on record. This would take the company's total cumulative rewards across the first four years of AMP7 to over £250 million, and reflects the c. £3 billion of capital investment it has made during that period to improve service for its customers and add further resilience to its network.

Further, the company's focus remains on both enhancing its service for customers and also providing support for those who are struggling to pay. To that end, the company is now supporting around 250,000 of its most vulnerable customers through a range of measures, including bill reductions.

The company noted that it is on track to support 315,000 by the end of the AMP in 2025, and are planning to double the number of customers it offer financial support to in AMP8.

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