Severn Trent on track to hit targets
Utilities giant Severn Trent broadly met forecasts in the first half and said it also expects to deliver full-year results in line with expectations.
Utilities giant Severn Trent broadly met forecasts in the first half and said it also expects to deliver full-year results in line with expectations.
The company announced that group turnover rose 3.6% to £917.7m in the six months to September 30th, from £886m the same period the year before. Charles Stanley had forecast a 4% increase in revenues to £920m.
Meanwhile, underlying profit before tax came rose from £155m to £157.5m, up 1.6% year-on-year and in line with Charles Stanley's £157m estimate.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
However, underlying profit before interest and tax (PBIT) was down 2.6% from £274.3m to £267.2m, reflecting planned increased investment in Severn Trent's networks and customers service in its water division.
Chief Executive Tony Wray said:"We have delivered again on our commitments to our stakeholders, we are on track with our £150 million additional investment programme announced in May, delivering operational improvements in the areas we targeted for this year, improving our service to customers and producing sustainable, progressive returns for shareholders."
The firm raised its interim dividend by 8.2% from 28.04p to 30.34p per share.
-
Private school fees soar and VAT threat looms – what does it mean for you?
Rising private school fees could see more than one in five parents pull their children out of their current school. Before you remortgage, move house or look to grandparents for help, here’s what you need to know.
By Katie Williams Published
-
Best and worst UK banks for online banking revealed
When it comes to keeping your money safe, not all banks are equal. We reveal the best and worst banks for online banking when it comes to protecting your money from scams
By Oojal Dhanjal Published