Business
Annual Results for the Year Ended to 31 March 2017
Annual Results for the Year Ended to 31 March 2017.
About this update from Severn Trent Plc
[{"type":"text","content":"\n \nRNS Number : 8997F Severn Trent PLC 23 May 2017 \n\nPreliminary Announcement of Annual Results\n23 May 2017\nResults for the year to 31 March 2017\n \nStrong operational improvements and customer delivery support dividend policy upgrade\n \n· Group financial results for the year reflect strong performance: \n− Group turnover of £1,819 million, up £66 million (3.7%) \n− Group underlying PBIT1 of £525 million, up £22 million (4.3%)\n− Group reported PBIT of £544 million, up £39 million (7.8%)\n− 2016/17 Return on Regulatory Equity (RoRE) of 11.0%2\n− Cash generated from operations up £54 million (6.7%)\n− Underlying basic EPS3 of 122.4 pence (up 19.9%), reported basic EPS from continuing operations 140.1 pence (up 4.9%)\n− Proposed final dividend of 48.90 pence, taking the 2016/17 dividend to 81.50 pence\n \n· Customers are at the heart of our business: \n− Lowest bills: focusing on affordability, lowest combined average bills in Britain of £341 p.a. in 2017/18\n− Helping customers: achieved target of helping more than 50,000 vulnerable customers \n− Network investments: invested around £680 million in 2016/17 for the future of our network4 \n− Improved services: including: ahead of regulatory commitments on supply interruptions by 17%, on leakage by 2%, and on sewer flooding by 21% to reach its lowest ever level\n \n· Delivering tangible benefits for all stakeholders: \n− Customer ODIs: £47.6 million2 reward reflecting strong operational outperformance, helped by a mild winter\n− Efficiencies: £100 million of extra totex savings identified; now forecasting £770 million efficiencies5 for AMP66. £610m of these efficiencies now locked in, including a further £70 million identified in H2 2016/17 \n− Financing: 2016/17 effective interest rate reduced year-on-year by 10 basis points to 4.4%, despite rising RPI; now 100 basis points lower than final year of AMP5 \n \n· AMP6 dividend policy upgraded to growth of at least RPI+4%, taking the proposed 2017/18 dividend to 86.55 pence7 \n1. Underlying Profit before interest and tax (PBIT) excludes exceptional operating items\n2. RoRE at 2012/13 prices, an...