Published On: Thu, Nov 26th, 2015

Severn Trent Profit Up Despite Flat Turnover

Severn Trent

Severn Trent

Severn Trent PLC released its half yearly financial report on Thursday which showed the company managed to improve profitability despite flat group turnover.

The FTSE 100 listed company saw group turnover of £896.1 million in comparison to 898.3 in the same period of 2014 whilst underlying profit before tax rose by 12.9% to 174.7 million compared to 154.7 million.

Liv Garfield, the Chief Executive of Severn Trent Plc said:

“I am pleased to report strong progress in the first half of the year, marking a good start to the new regulatory period. As we continue to become an even more customer focused business we have delivered some great improvements, evidenced by the decline in customer complaints, and we continue to have the lowest combined bills in Britain.

We are committed to delivering continued outperformance for the benefit of our customers, colleagues and shareholders, having already delivered tangible results in the first half. Thanks to the great work of our teams we have now secured all £372 million of our targeted AMP6 efficiencies while also delivering better service to our customers. Through more intensive management of our network we are seeing reduced supply interruptions, lower sewer flooding incidents and faster incident response times. Our renewable energy programme continues its rapid roll out and we are on track to generate the equivalent of 50% of our energy needs by 2020.

With our operational metrics showing strong improvement, I would like to thank all of my colleagues across the group for their continued hard work in delivering great service for our customers each and every day.”

Severn Trent highlighted its focus on becoming further commitment to supporting customers by reducing overall complaints by 35% whilst also offering new digital services to improve service delivery and to keep customers informed.

Receive News & Ratings Via Email

Enter your email address below to get the latest news and analysts' ratings for your stocks with MarketBeat's FREE daily email newsletter: