Severn Trent PLC - Trading Statement for the period 1 Oct to 7 Feb
Trading Update for the period
Severn Trent, a leading
Financial outlook: The Board continues to expect that the Group will deliver FY17/18 trading performance in line with its expectations and guidance previously disclosed at the HY17/18 results presentation on 23rd
Delivering sustainable performance for all stakeholders:
AMP6(2): We are focused on providing benefits to our customers, communities, colleagues and investors, and we have generated sector-leading outperformance payments on key customer ODIs and continue to do well year-to-date.
We have positive momentum on Waste, particularly on internal and external sewer flooding, category 3 pollutions and serious pollution incidents. We re-confirm that we will hit the AMP6 outperformance cap(3). 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 confirm that we expect to earn at least
We continue to work hard on improving our SIM(4) scores. We also note that we have one of the sector-leading scores in CCW's(5) independent annual survey on what our customers think.
We have delivered material reductions in our cost of finance. Since our HY17/18 results announcement, a
AMP7(2): Ofwat announced its PR19(6) Final Methodology in
To assist AMP7 planning, we have launched our largest ever customer engagement programme, including a community panel of 10,000 customers, a review of two million customer contacts and analysis of over seven million social media conversations. This helps us understand the core service improvements and wider social and environmental initiatives our customers expect, thereby underpinning future growth in our RCV(7).
Corporate social responsibility: We are conscious of Severn Trent's role in society through the impact on our community, the wider environment, and the importance of workplace diversity. Our work in the community delivers benefits through our extensive customer education and employee volunteering programmes. We are keen to play our part in supporting social mobility and we have a highly-rated apprentice programme. We have reported a gender pay gap of 2.4% and, while we have even further to go, we have made strong progress in supporting workplace diversity and gender pay equality. We have a strong record of environmental performance and through our renewable energy business we are on track to generate the equivalent of 50% of our energy needs by 2020.
1. ODIs = Outcome Delivery Incentives
2. AMP6 = regulatory period for 2015-2020. AMP7 = regulatory period for 2020-2025
3. For AMP6, our customer ODI outperformance payments for Waste are capped at
4. SIM = Service Incentive Mechanism, Ofwat's measure of customer experience in AMP6
5. CCW =
6. PR19 = Price Review for AMP7
7. RCV = Regulatory Capital Value
| || |
Investors & Analysts
| || |
| || |
+44 (0) 7957 166615
Head of Investor Relations
| || |
| || || |
| || |
+44 (0) 7834 419722
Investor Relations Manager
| || |
| || || |
| || |
| || |
+44 (0) 207 353 4200
| || |
+44 (0) 247 771 5640
Cautionary statement regarding forward-looking statements
This document contains statements that are, or may be deemed to be, 'forward-looking statements' with respect to Severn Trent's financial condition, results of operations and business and certain of Severn Trent's plans and objectives with respect to these items.
Forward-looking statements are sometimes, but not always, identified by their use of a date in the future or such words as 'anticipates', 'aims', 'due', 'could', 'may', 'will', 'would', 'should', 'expects', 'believes', 'intends', 'plans', 'projects', 'potential', 'reasonably possible', 'targets', 'goal', 'estimates' or words with a similar meaning, and, in each case, their negative or other variations or comparable terminology. Any forward-looking statements in this document are based on Severn Trent's current expectations and, by their very nature, forward-looking statements are inherently unpredictable, speculative and involve risk and uncertainty because they relate to events and depend on circumstances that may or may not occur in the future.
Forward-looking statements are not guarantees of future performance and no assurances can be given that the forward-looking statements in this document will be realised. There are a number of factors, many of which are beyond Severn Trent's control that could cause actual results, performance and developments to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not limited to: the Principal Risks disclosed in our latest Annual Report and Accounts (which have not been updated since the date of its publication); changes in the economies and markets in which the group operates; changes in the regulatory and competition frameworks in which the group operates; the impact of legal or other proceedings against or which affect the group; and changes in interest and exchange rates.
All written or verbal forward-looking statements, made in this document or made subsequently, which are attributable to Severn Trent or any other member of the group or persons acting on their behalf are expressly qualified in their entirety by the factors referred to above. No assurances can be given that the forward-looking statements in this document will be realised. This document speaks as at the date of publication. Save as required by applicable laws and regulations, Severn Trent does not intend to update any forward-looking statements and does not undertake any obligation to do so. Past performance of securities of
Nothing in this document should be regarded as a profits forecast.
This document is not an offer to sell, exchange or transfer any securities of
This information is provided by RNS
Quick facts: Severn Trent
Market Cap: £5.91 billion
NO INVESTMENT ADVICE
The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...FOR OUR FULL DISCLAIMER CLICK HERE