Business
Annual Results for the year ended 31 March 2019
Annual Results for the year ended 31 March 2019.
About this update from Severn Trent Plc
[{"type":"text","content":"\n \nRNS Number : 6238Z Severn Trent PLC 21 May 2019 \n\nPreliminary Announcement of Annual Results\n21 May 2019\nResults for the year to 31 March 2019\n \nContinued momentum and fast-track status building a strong platform for AMP7\n \n \nContinuing our leading AMP6 performance:\n− Maintaining the lowest bills in England for ten years1, set to continue to at least 2025\n− Excellent progress on our capital programme with the largest year of capital spend in a decade of £769 million, supporting our commitment to invest £1,300 for every household we serve over AMP6\n− Cumulative AMP6 ODI2 outperformance of £138 million, including net £4.5 million penalty for FY18/19. Without the ODI cap, this would have been our best year to date, with ODI outperformance equivalent to £91 million\n− Strong second half of operational improvements in Water gives confidence in FY19/20 and beyond\n− On track to exceed 50% renewable energy self-generation target in FY19/20, boosted by acquisition of Agrivert UK renewables business, contributing to Group net carbon emissions reduction of 41% since the beginning of AMP6\n \nSetting ourselves up for the future:\n− Received Draft Determination for Severn Trent Water, confirming fast-track status for AMP7\n− One of the first companies in the UK to make the triple pledge to achieve net zero carbon, 100% electric fleet3 and 100% of energy from renewable sources by 2030\n− Expect to earn at least £25 million in customer ODIs in FY2019/202, increasing the amount of outperformance payments rolled into AMP7 to at least £177 million4\n− Partners appointed for around £1.5 billion of our £2 billion AMP7 capital programme. New capital delivery model, with a broader supply chain and in-house design team, progressing well\n \n \nDelivering strong and resilient financial results:\n− Group turnover of £1,767 million, up £71 million (4.2%) \n− Group underlying PBIT5 of £574 million, up £34 million (6.3%) having absorbed all hot weather costs\n− Group reported PBIT of £563 million6, up £36 million (6.8%)\n− Cumulative RoRE of 9.1%7 despite hitting the Waste customer ODI cap\n− Reduction in effe...