Business
Interim results for the six months to 30 Sept 2024
Interim results for the six months to 30 Sept 2024.
About this update from Severn Trent Plc
[{"type":"text","content":"\n\n\n\nHalf Yearly Financial Report\n20 November 2024\nInterim results for the six months to 30 September 2024\n \nSuccessful AMP7, in a strong position for AMP8\n \nSuccessfully completing AMP7\n\n\n\n\n· \n\n\nHighest year ever of capital investment, forecasting to the upper end of £1.3-£1.5bn guidance range.\n\n\n\n\n· \n\n\nRCV¹ expected to have grown by £4.2bn to £13.6bn at the end of AMP7².\n\n\n\n\n· \n\n\nAchieved 4* EPA³ status from the Environment Agency for a fifth consecutive year.\n\n\n\n\n· \n\n\nInstalled 900 solutions on storm overflows through industry-leading plan, with average spills expected to be below 18 for the year 2025.\n\n\n\n\n· \n\n\nDelivered our leakage target every year in AMP7, and confident of a 15% reduction over five years.\n\n\n\n\n· \n\n\nPerforming for customers, with Severn Trent Water on track to achieve target for over 80% of performance commitments, delivering nominal net ODI⁴ rewards of around £420m⁵ across AMP7.\n\n\n\n\n· \n\n\nExpect to deliver over £100m⁶ in net ODI rewards this year - our highest ever year.\n\n\n\n\n· \n\n\nImproving customer service, with our Trustpilot score of 4.8 out of 5 the joint highest in the FTSE100.\n\n\n\n\n· \n\n\nMore than doubled the base return to March 2024, delivering real RoRE⁷ of over 8% which equates to nominal RoRE of over 13%.\n \n\n\n\n\nStrong interim financial results for year five\n\n\n\n\n· \n\n\nHalf year PBIT⁸ up to £297.8m, and adjusted EPS⁹ increased to 58.0p.\n\n\n\n\n· \n\n\nEconomic regulated gearing10 is 58.6%, taking into account the expected impact of end-of-AMP RCV adjustments earned to date.\n\n\n\n\n· \n\n\nResilient financial position, with £600m of finance raised this year and 20 months of liquidity, providing flexibility in the timing of accessing debt markets.\n\n\n\n\n \n\n\n\n\nGroup Results\n\n\n30 September 2024\n\n\n30 September 2023\n\n\n\n\nRevenue\n\n\n£1,217.7m\n\n\n£1,165.3m\n\n\n\n\nPBIT\n\n\n£297.8m\n\n\n£255.1m\n\n\n\n\nNet finance costs\n\n\n£124.6m\n\n\n£179.2m\n\n\n\n\nEPS\n\n\n47.2p\n\n\n20.5p\n\n\n\n\nAdjusted EPS\n\n\n58.0p\n\n\n29.7p\n\n\n\n\nInterim dividend per ordinary share\n\n...