Business
Interim results for the six months to 30 Sept 2022
Interim results for the six months to 30 Sept 2022.
About this update from Severn Trent Plc
[{"type":"text","content":"\n \n \n \n \n Half Yearly Financial Report\n \n \n \n \n 22 November 2022\n \n \n \n \n Interim results for the six months to 30 September 2022\n \n \n \n \n \n \n \n \n \n Investing in people, performance and environment for the long-term\n \n \n \n \n \n \n \n Robust financial performance, supported by strong cost control\n \n \n \n · Guiding to double-digit real Return on Regulated Equity ('RoRE') for FY23, with ODIs1 of at least £50 million, totex in line with allowance, and strong financing outperformance.\n \n · First half Group PBIT2 of £261.7 million up 2.4% year-on-year, reflecting increase in Group turnover (£1,061.8 million, up £103.6 million) and strong cost control.\n \n · Increasing property PBIT guidance by a further £50 million, with planned PBIT from sales of surplus land now £150 million between 2017 and 2032.\n \n · Adjusted basic EPS3 of 29.9 pence (2021/22: 54.0 pence) reflecting PBIT growth offset by impact of inflation on index-linked debt. Basic EPS of 31.4 pence (2021/22: loss of 73.0 pence).\n \n · 2022 pension valuation agreed, with contributions unchanged. IAS19 deficit of £142.6 million.\n \n · Interim dividend of 42.73 pence, in line with AMP74 policy, to be paid on 11 January 2023.\n \n \n Delivering on our environmental commitments through investment and operational excellence\n \n \n · On track to deliver one of our largest ever investment programmes, including our innovative Green Recovery schemes, driving real RCV5 growth of 10.8%.\n \n · Over 70% of our £2.9 billion core capital programme either delivered or with prices locked in.\n \n · Nominal RCV growth now expected to be 36%, making this our highest growth AMP to date.\n \n · Strong operational performance with c.85% of Severn Trent Water performance commitments on or ahead of target, despite one of the driest summers since 1836.\n \n · On track to achieve 4* Environmental Performance Assessment ('EPA') status from the Environment Agency for a fourth consecutive year, including our best-ever pollutions performance.\n \n · Fast start to our Get River Positive pledges: advisory panel established including NGO representatives to help oversee progress; our share of regional RNAGS6 reduced from 24% to 17%; ahead on our plan to reduce CSO activ...