Severn Trent confirmed that its trading performance for the current year remains in line with expectations, in an update to the London Stock Exchange.
The UK water and waste management utility reported that it expects to receive at least £50m in outperformance payments for 2018 from water regulator Ofwat, in recognition of delivering a good service for its Midlands and mid-Wales customers.
The statement issued by the company stated: “We are focused on providing benefits to our customers, communities, colleagues and investors, and we have generated sector-leading outperformance payments on key customer outcome delivery incentives (ODIs) and continue to do well year-to-date.
“We have positive momentum on waste, particularly on internal and external sewer flooding, category three pollutions and serious pollution incidents.
“On water, we have had more supply interruptions than normal in the last quarter, but are encouraged by the reduction in water quality complaints, which were down 12% year-on- year. We have delivered material reductions in our cost of finance.”