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RNS Number : 3873A
Severn Trent PLC
02 February 2022
Severn Trent Plc Trading Update
Severn Trent Plc today announces a trading update for the period
to 2 February 2022.
Continued operational excellence
Our strong operational performance is evident across all areas
of our business, with 90% of Severn Trent Water's Customer ODI
measures remaining on or ahead of target, including 100% on all
Environmental measures. Our guidance to deliver 'at least GBP75
million (1) ' in Customer ODI rewards this financial year remains
unchanged.
In November, Ofwat issued both their Service Delivery Report (2)
and Monitoring Financial Resilience Report (3) for 2020-21,
identifying Severn Trent Water among the top three in both reports.
We are proud to be the only company in the sector to be recognised
as a leader in both service delivery and financial resilience, and
also to be named specifically for our performance on the avoidance
of pollution incidents. This recognition reflects our continued
focus on delivering the right outcomes for a broad range of
stakeholders.
Financial outlook
There have been no material changes to current year business
performance or outlook since the interim results announcement on 23
November 2021.
Focused on the environment
We recognise the importance of accelerating the transformation
of rivers and welcome the recent report by the Environmental Audit
Committee, with its emphasis on the importance of investment and
tackling the root causes of pollution. The rivers in our region are
now in better condition than at any time since the Industrial
Revolution, but there is further to go. We remain committed to the
improvement of river quality through key programmes such as the
Water Framework Directive ('WFD'), and we are on track to invest
over GBP500 million in our Water Industry National Environment
Programme ('WINEP') schemes in the current AMP(4) .
We are proud to have been awarded the industry leading 4* EPA
status from the Environment Agency for the last two years and are
working tirelessly to achieve the same rating again this year,
against increasingly stretching targets.
We are delighted to have been included on the Carbon Disclosure
Project ('CDP') climate change "A list", making us one of just 200
global companies out of almost 12,000 assessed to achieve this
rating. This reflects the actions we have taken during the last
twelve months on tackling climate change and our transparent
reporting, including the publication of our Climate Change Adaption
report and full TCFD disclosure in September 2021.
This focus on delivering for all stakeholders and the
environment is reflected in our ratings across a range of ESG
indices including the CDP, MSCI, Sustainalytics, and Tortoise
Responsibility100 Index.(5)
Financial calendar
Full-year results - Severn Trent's annual results presentation
will take place on 25 May 2022.
Enquiries
Investors & Analysts
Rachel Martin Severn Trent Plc +44 (0) 7824 624011
Head of Investor Relations
Selina Soma Severn Trent Plc +44 (0) 7976 938604
Investor Relations Manager
Media
Jonathan Sibun Tulchan Communications +44 (0) 207 353 4200
Press Office Severn Trent Plc +44 (0) 247 771 5640
Footnotes
1. Customer ODI (Outcome Delivery Incentive) quoted in 2017/18
prices and pre-tax (applying corporation tax at 25%, the rate
expected to be applicable when the ODIs are taken to revenue)
unless otherwise stated.
2. Service Delivery report published by Ofwat - https://www.ofwat.gov.uk/publication/service-and-delivery-2020-21/ .
3. Monitoring Financial Resilience report published by Ofwat - https://www.ofwat.gov.uk/publication/monitoring-financial-resilience-report-2020-21/
4. Price limit periods are sometimes known as AMP (Asset
Management Plan) periods. The current period is known as AMP7
(2020-2025) because it is the seventh cycle since the water
industry was privatised in 1989.
5. Carbon Disclosure Project - A list ( https://www.cdp.net/en/companies/companies-scores )
MSCI - A rating (
https://www.msci.com/our-solutions/esg-investing/esg-ratings/esg-ratings-corporate-search-tool/issuer/severn-trent-plc/IID000000002137326
)
Sustainalytics ESG risk rating - Low (
https://www.sustainalytics.com/esg-rating/severn-trent-plc/1008569776
)
Tortoise Responsibility100 Index - 1(st) (
https://www.tortoisemedia.com/intelligence/responsibility/ ).
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).
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END
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