TOP NEWS: Seven Trent profit recovers with non-household consumption

(Alliance News) - Severn Trent PLC on Tuesday said interim revenue and profit increased thanks to ...

Alliance News 23 November, 2021 | 10:08AM
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(Alliance News) - Severn Trent PLC on Tuesday said interim revenue and profit increased thanks to a recovery in non-household water consumption.

The Coventry, England-based water company's turnover increased 8.0% in the six months ended September 30 to GBP958.2 million from GBP887.6 million a year before.

Pretax profit in the period rose 14% to GBP255.6 million from 224.6 million.

Seven Trent attributes this to a strong recovery in non-household consumption in its Regulated Water & Waste Water unit following the lifting of lockdown restrictions. Nonetheless, the company noted that the increased revenue was partially offset by higher energy costs and higher infrastructure renewals expenditure costs as planned.

Seven Trent paid an interim dividend of 40.86 pence per share, a slight increase from the 40.63 pence a year before.

Going forward, the company plans to continue to invest in and improve its networks to improve its services.

"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. We've continued to invest significantly in our network, in our people and to support our strong commitment to the environment," Chief Executive Liv Garfield said.

Shares in Seven Trent were slightly higher at 2,799.00 pence each on Tuesday morning in London.

By Abby Amoakuh; abbyamoakuh@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Severn Trent PLC 3,142.00 GBX 0.58 -

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