Business
Interim results - six months to 30 September 2018
Interim results - six months to 30 September 2018.
About this update from Severn Trent Plc
[{"type":"text","content":"\n \nRNS Number : 1370I Severn Trent PLC 22 November 2018 \n\nHalf Yearly Financial Report\n22 November 2018\nInterim results for the six months to 30 September 2018 \nContinued strong performance while investing for the future\n \n· Ongoing delivery for customers \n− Upper quartile position in the UK Customer Service Index for utility companies\n− ODIs in line with expectations maintaining sector leading AMP6 ODI performance of £150 million to date1\n− Maintained leading waste performance by employing greater use of data and technology to optimise our network\n− Continued progress on water performance. Delivering on catchment management customer ODI and forecasting a further 6% reduction in the number of water quality complaints\n− Increased water production during hot, dry summer to meet a 22% increase in customer demand\n \n· Planning and investing for the long term: \n− Submitted high quality AMP72 business plan delivering 13% Totex efficiency, upper quartile financing and ambitious performance targets while maintaining lowest bills in England and Wales for another five years\n− Excellent progress on our capital programme, with capex of £340 million in the first six months of the year and on track for over £650 million by the end of the year\n− Locked in c.95% of £870 million totex efficiencies, £100 million reinvestment on track setting ourselves up for a fast start in AMP7\n− Investing in renewable energy with our acquisition of Agrivert food waste plants adding an additional 106GWh per annum to our existing portfolio\n \n· Good Group financial results for the half year: \n− Group turnover of £881.5 million, up £30.5 million (3.6%) \n− Group underlying PBIT3 of £299.1 million, up £12.4 million (4.3%) \n− Group reported PBIT £299.1 million, up £4.1 million (1.4%)\n− Reduction in effective interest rate by 70 basis points, driving underlying basic EPS4 of 76.2 pence (up 16.3%), basic EPS from continuing operations of 69.8 pence (up 12.2%)\n− Int...