Business
SVT restatement of results following Water Plus JV
SVT restatement of results following Water Plus JV.
About this update from Severn Trent Plc
[{"type":"text","content":"\n \nRNS Number : 2829J Severn Trent PLC 08 September 2016 \n\nRestatement of prior-year results following the reclassification of the non-household retail activities as discontinued operations \n \nSevern Trent Plc announces the restatement of prior-year results as a consequence of the reclassification of the non-household retail activities as discontinued operations. These activities are restated following the formation of the Water Plus joint venture (JV) with United Utilities, which completed on 1 June 2016 following Competition and Markets Authority approval on 3 May 2016. For the full financial year to 31 March 2017, the results for the Group will therefore include two months of discontinued operations for non-household retail operations, and ten months of the Group's 50% share of the JV.\n \nThe following restatement of 2015/16 half-year and full-year data at this time is to assist investors and analysts in their financial modelling of the Group, in advance of the half-year 2016/17 results, which will be announced on 24 November 2016.\n \nAs a result of this announcement there is no material change to current year business performance or outlook since the full-year 2015/16 results on 24 May 2016.\n \nSummary restatement\n \nPrior year ended 31 March 2016:\n\n\n\n\n\n\n\nRegulated Water and Waste Water\n\n\nBusiness Services\n\n\nCorporate and Other\n\n\nConsol\nadjs\n\n\nGroup\n\n\n\n\n\n\n\n£m\n\n\n£m\n\n\n£m\n\n\n£m\n\n\n£m\n\n\n\n\nTurnover:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFrom continuing operations\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAs previously reported\n\n\n1,506.1 \n\n\n674.6 \n\n\n3.2 \n\n\n(397.0)\n\n\n1,786.9 \n\n\n\n\nNon-household retail\n\n\n- \n\n\n(397.9)\n\n\n- \n\n\n364.7 \n\n\n(33.2)\n\n\n\n\nRestated\n\n\n1,506.1 \n\n\n276.7 \n\n\n3.2 \n\n\n(32.3)\n\n\n1,753.7 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFrom discontinued operations(1)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAs previously reported\n\n\n- \n\n\n29.7 \n\n\n- \n\n\n- \n\n\n29.7 \n\n\n\n\nNon-household retail\n\n\n- \n\n\n397.9 \n\n\n- \n\n\n- \n\n\n397.9 \n\n\n\n\nRestated\n\n\n- \n\n\n427.6 \n\n\n- \n\n\n- \n\n\n427.6 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\...