Severn Trent Plc
Trading Update for the period 1 April to 17 July 2019
Severn Trent Plc, a leading water and wastewater company in the UK, today announces a trading update for the period to 17 July 2019.
Financials on track
Overall, we have made a good start to the financial year and there has been no material change to current year business performance or outlook since the full-year 2018/19 results presentation on 21 May 2019. The Board continues to expect that the Group will deliver full-year trading performance in-line with its expectations and prior guidance.
Momentum continues
· Customer - We remain on track to deliver at least £25 million in customer ODI outperformance payments this year, with our customers seeing continued improvement in the areas that matter most to them. We are progressing well with key end of AMP ODIs, with Water Framework Directive schemes set to deliver 1,600km of improvements to rivers in AMP6.
· Energy self-generation - In the first three months of the fiscal year we have generated 123Gwh from our own renewable sources, equivalent to 52% of our energy needs, positioning us on the right run rate to exceed our 50% target for the year. This is an important step in our triple carbon pledge for 2030, 20 years ahead of the recent government commitment.
· AMP7 capital delivery strategy - Earlier this month, we announced further supplier partnerships for our AMP7 capital programme, and have now recruited around 50% of our in-house capital design team, ready for a fast start to AMP7.
· Supply resilience - Our raw water resources are in a healthy position as we head into the summer period, with our overall storage around 10% higher than the same time last year.
PR19
We expect Ofwat to publish a PR19 update, including the draft determination for Hafren Dyfrdwy, on 18 July. We will provide a further announcement to the market as appropriate.
Enquiries
Investors & Analysts
Richard Eadie |
Severn Trent Plc |
+44 (0) 7889 806578 |
Head of Investor Relations |
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Rachel Martin |
Severn Trent Plc |
+44 (0) 7824 624011 |
Investor Relations Manager |
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Media
Press Office |
Severn Trent Plc |
+44 (0) 247 771 5640 |
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Jonathan Siburn |
Tulchan Communications |
+44 (0) 207 353 4200 |
Cautionary statement regarding forward-looking statements
This document contains statements that are, or may be deemed to be, 'forward-looking statements' with respect to Severn Trent's financial condition, results of operations and business and certain of Severn Trent's plans and objectives with respect to these items.
Forward-looking statements are sometimes, but not always, identified by their use of a date in the future or such words as 'anticipates', 'aims', 'due', 'could', 'may', 'will', 'would', 'should', 'expects', 'believes', 'intends', 'plans', 'projects', 'potential', 'reasonably possible', 'targets', 'goal', 'estimates' or words with a similar meaning, and, in each case, their negative or other variations or comparable terminology. Any forward-looking statements in this document are based on Severn Trent's current expectations and, by their very nature, forward-looking statements are inherently unpredictable, speculative and involve risk and uncertainty because they relate to events and depend on circumstances that may or may not occur in the future.
Forward-looking statements are not guarantees of future performance and no assurances can be given that the forward-looking statements in this document will be realised. There are a number of factors, many of which are beyond Severn Trent's control that could cause actual results, performance and developments to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not limited to: the Principal Risks disclosed in our latest Annual Report and Accounts (which have not been updated since the date of its publication); changes in the economies and markets in which the group operates; changes in the regulatory and competition frameworks in which the group operates; the impact of legal or other proceedings against or which affect the group; and changes in interest and exchange rates.
All written or verbal forward-looking statements, made in this document or made subsequently, which are attributable to Severn Trent or any other member of the group or persons acting on their behalf are expressly qualified in their entirety by the factors referred to above. No assurances can be given that the forward-looking statements in this document will be realised. This document speaks as at the date of publication. Save as required by applicable laws and regulations, Severn Trent does not intend to update any forward-looking statements and does not undertake any obligation to do so. Past performance of securities of Severn Trent Plc cannot be relied upon as a guide to the future performance of securities of Severn Trent Plc.
Nothing in this document should be regarded as a profits forecast.
This document is not an offer to sell, exchange or transfer any securities of Severn Trent Plc or any of its subsidiaries and is not soliciting an offer to purchase, exchange or transfer such securities in any jurisdiction. Securities may not be offered, sold or transferred in the United States absent registration or an applicable exemption from the registration requirements of the US Securities Act of 1933 (as amended).
