In a trading updated for the period 1 October 2020 to 4 February 2021 released today, Severn Trent Plc says it has seen “positive momentum carried through the winter” and resilient financial results.
The company said: “In Water we remain on track for our best ever performance on a number of measures including the Compliance Risk Index and water quality complaints. In Waste we have started the Asset Management Plan strongly with 25 per cent fewer blockages and a 15 per cent reduction in pollutions in the calendar year. Our biodiversity programme is on track to deliver over 2,200ha of enhanced natural environment, delivering our five-year target in the first year of the Asset Management Plan.”
The company said it remains on or ahead of target for almost 80 per cent of its customer performance measures and has increased its guidance for outperformance on Customer Outcome Delivery Incentive this year from ‘at least £25 million’ to ‘at least £50 million’.
In November, the company reported a drop in turnover of 2.5 per cent, driven by a Covid-19 related decrease in demand.
The water supplier says it remains confident of delivering full-year results in line with expectations and prior guidance.
Severn Trent is also talking with Ofwat and DEFRA on potential investment opportunities as part of the Government’s Green Recovery initiative and submitted a number of proposals in January.
At its half-year results the company announced ambitious plans to support the Government Kickstart Scheme with 500 opportunities, and welcomed its first cohort of Kickstarts into the business in January 2021.