Business
Annual results for the year to 31 March 2016
Annual results for the year to 31 March 2016.
About this update from Severn Trent Plc
[{"type":"text","content":"\n \nRNS Number : 0663Z Severn Trent PLC 24 May 2016 \n\nPreliminary Announcement of Annual Results\n24 May 2016 \nResults for the year to 31 March 2016\n \nA promising start to the new regulatory period\n· Group financial results in line with expectations and reflect a promising start to the AMP61:\n· Group turnover of £1,787 million, down 0.8% year-on-year due to regulated price decrease \n· Group underlying PBIT2 of £523 million, down 3.2%\n· Group reported PBIT £524 million up 0.4%\n· Return on Regulatory Equity (RoRE) of 8.4%3 \n· Underlying basic EPS2 of 108.7p\n· Final dividend of 48.40p, in line with dividend policy, taking the 2015/16 dividend to 80.66p\n \n· Customers remain at the heart of our business:\n· Lowest combined average bills in Britain - £329 in 2016/17, flat year-on-year \n· Doubled the number of vulnerable customers supported \n· Customer complaints down 28% year-on-year\n \n· Delivering on our levers of outperformance:\n· ODIs: net reward of £23.2 million3\n· Efficiencies: now forecasting £670 million of totex efficiencies4 across AMP6. Equates to £260 million outperformance; ~50% of this (£120 million) to be reinvested for the benefit of customers\n· Totex: 2015/16 Wholesale totex4 of £1,017 million, £38 million lower than Final Determination\n· Energy: now generating equivalent of 33% of energy needs through our renewables programme; on track for 50% by 2020\n· Financing: effective interest rate reduced by 90 basis points to 4.5%\n \n· Sector-leading environmental performance again - provisional Environment Agency 4* rating \n· Water Plus joint venture established with United Utilities to deliver a market-leading non-household retail offer when the market opens for competition in 2017\n \n1. AMP6 - Asset Management Plan regulatory period 2015 to 2020\n2. Underlying Profit befor...