Severn Trent Plc Trading Update
Severn Trent Plc today announces the following trading update for the period to 13 February 2024.
Continuing to deliver industry-leading operational and environmental performance
We are confident we will retain four star status in the Environment Agency’s annual Environmental Performance Assessment1 for a sector-leading fifth consecutive year. Four star status is the highest rating achievable, and includes zero serious pollution incidents in the year.
We continue to guide to at least £50 million in ODI2 rewards this year, despite having experienced ten named storms since September3, contributing to the last six months of 2023 being the third wettest for England on record4. This would take our total cumulative rewards across the first four years of AMP75 to over £250 million, and reflects the c. £3 billion of capital investment we have made during that period to improve service for our customers and add further resilience to our network.
Our focus remains on both enhancing our service for customers and also providing support for those who are struggling to pay. To that end, we are now supporting around 250,000 of our most vulnerable customers through a range of measures, including bill reductions. We remain on track to support 315,000 by the end of the AMP in 2025, and are planning to double the number of customers we offer financial support to in AMP8.
Robust financial performance in line with expectations
There have been no material changes to the current year business performance or outlook since the interim results announcement on 22 November 2023.
Reporting and investor timetable
Stakeholders can find a range of materials relating to our operations and future plans on our website (www.severntrent.com), including:
· PR24 Business Plan
· EU Taxonomy Disclosure
· Capital Markets Day 2023
We welcome stakeholder feedback on our reporting.
Full-year results – Severn Trent’s annual results presentation will be on 22 May 2024.
AGM – Severn Trent’s Annual General Meeting will be on 11 July 2024.