Business
Interim results for the six months to 30 Sept 2023
Interim results for the six months to 30 Sept 2023.
About this update from Severn Trent Plc
[{"type":"text","content":"\n\nDelivering now, very well placed for the future\n \nContinuing to deliver a strong performance for all stakeholders\n \n\n\n\n\n· \n\n\nAchieved highest 4* EPA1 status from the Environment Agency for a record fourth consecutive year, and on track for a fifth year for 2023.\n\n\n\n\n· \n\n\n80% of Severn Trent Water's performance commitments on or ahead of target, including best ever performance on leakage and blockages, and confident of delivering at least £50m in ODI2 rewards this year, which would bring us to a total of over £250m earned cumulatively in AMP73.\n\n\n\n\n· \n\n\nOn track to outperform against end-of-AMP ODIs, with £40m-£50m additional reward expected to be recognised on top of year five ODI performance.\n\n\n\n\n· \n\n\nLargest ever year of capital investment, spending c. £1bn on our network, which includes around £200m on our Green Recovery programme; £477m capital investment in first six months, up 77% on H1 of 2022/23.\n\n\n\n\n· \n\n\nExpanded our societal strategy to a third location, Coventry, as part of our commitment to help support 100,000 people out of poverty by 2032.\n\n\n\n\n· \n\n\nHighest ever engagement score with November 2023 results in the top 3% of utilities globally.\n\n\n\n\n \nInterim financial results in line with expectations\n \n\n\n\n\n· \n\n\nNo changes to full year guidance; continue to expect adjusted EPS4 growth for the full year, after including the additional 46.5m shares issued in October, with financing costs expected to be lower in the next six months.\n\n\n\n\n· \n\n\nPBIT5 marginally lower year on year primarily due to the expected impact of higher energy and chemical prices, which were weighted to the second half in the previous year.\n\n\n\n\n· \n\n\nShadow RCV Gearing6 is 60.6%, compared to 60.0% at 31 March 2023.\n\n\n\n\n \n\n\n\n\nGroup Results\n\n\n30 September 2023\n\n\n30 September 2022\n\n\n\n\nRevenue\n\n\n£1,165.3m\n\n\n£1,061.8m\n\n\n\n\nPBIT\n\n\n£255.1m\n\n\n£261.7m\n\n\n\n\nEPS\n\n\n20.5p\n\n\n31.4p\n\n\n\n\nAdjusted EPS\n\n\n29.7p\n\n\n29.9p\n\n\n\n\nInterim dividend per ordinary share\n\n\n46.74p\n\n\n42.73p\n\n\n\n\nCapital Investment\n\n\n£476.9m\n\n\n£269.7m\n\n\n\n\n \n...