Severn Trent results for the half year show group turnover up 3.7% to £850.4m, (up £30.4m) and group underlying profit before interest and tax (PBIT) up 4.4% at £287.8m. However, group reported PBIT was marginally down (0.2%) at £296.1m.
The company declared an interim dividend of 34.63p (up 6.2%)
Commenting on the results Liv Garfield, Chief Executive of Severn Trent, said:" “Strong operational improvements have given us confidence to increase the FY2017/18 customer ODI forecast to at least £50m, reflecting a great start to this year. We've managed to do all this while keeping bills down to less than a pound a day - the lowest average combined bills in the country.
“In maximising value from our assets for the longer term, we today announce plans to sell land made available through operational efficiency. This strategy will create benefits for our customers, communities and investors.
The water sector has been transformed for the better over the last 25 years, with more reliable, more efficient and more environmentally friendly services, but there is still much to do. At Severn Trent we're determined to rise to the challenge of delivering even better value for money to customers."