Business
Interim results for the six months to 30 Sept 2021
Interim results for the six months to 30 Sept 2021.
About this update from Severn Trent Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 1916T\n Severn Trent PLC\n 23 November 2021\n \n \n \n \n Half Yearly Financial Report \n \n \n 23 November 2021\n \n \n Interim results for the six months to 30 September 2021\n \n \n \n \n \n Operational excellence supported by strong financials\n \n \n \n \n Operational performance ahead of plan, increase in Customer ODI guidance to at least £75 million1 for the full year:\n \n · We continue to deliver strong operational performance, with over 90% of Severn Trent Water's Customer ODIs on track across Water, Waste, Customer, and the Environment\n \n · Continued positive momentum in Water, including another successful period on water quality complaints (improving by 9%) and speed of response (improving by 11%)\n \n · Sector-leading performance in Waste, resulting in less disruption for customers as flooding and blockages falling by over 30% since the start of the AMP\n \n Leading the sector with our environmental ambitions\n \n · Leading environmental performance, 4* EPA status confirmed by the Environment Agency in July this year\n \n · Significant investment in river quality through our WINEP scheme, with over £500 million being invested this AMP\n \n · Biodiversity commitments continue at pace with over 2,900 hectares of our 2027 target of 5,000 hectares delivered to date, with plans to restore an additional 2,000 acres of peatland in England and Wales by 2025\n \n · Green Recovery progressing well with all projects mobilised: projects will help create c.2,500 jobs and include bathing quality rivers, new net zero water resources, and nature-based flood solutions\n \n Strong financial performance supporting large-scale investment programme\n \n · Group turnover of £958 million2 in line with expectations, up £71 million (8.0%), as a result of a strong recovery in non-household consumption following the lifting of lockdown restrictions\n \n · Group PBIT of £256 million, up £31 million (13.8%)\n \n · Effective interest cost3 of 4.2% (2020/21: 3.3%) reflecting higher inflation, effective cash cost of interest unchanged at 3.1%, with two thirds of debt fixed at low-cost rates\n \n · Strong balance sheet, including reduction in pension deficit to £292 million, supporting over 10% RCV growth for AMP7\n \n · Adjusted basic EPS4 of 54.4 pence, up 6% (basic loss per sh...