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RNS Number : 2275P
Severn Trent PLC
08 February 2023
8 February 2023
Severn Trent Plc Trading Update
Severn Trent Plc today announces a trading update for the period
to 8 February 2023.
Continuing to support customers and take care of the
environment
For the second year running we are proud to have been recognised
by Ofwat in its most recent assessment as the only Water and
Sewerage Company in the leading category for both performance(1)
and financial resilience(2) .
We have continued to deliver a strong service for our customers
despite the driest summer on record and a challenging winter. In
addition, we are on track to financially support 315,000 of our
most vulnerable customers by the end of the AMP.
Based on our initial view, we are confident we will achieve
4-star status in the Environment Agency's 2022 Environmental
Performance Assessment ("EPA"). This would be the fourth
consecutive year we achieve the highest rating.
Robust financial performance and enhanced energy resilience
There have been no material changes to current year business
performance or outlook since the interim results announcement on 22
November 2022 and our guidance for FY22/23 remains unchanged.
We self-generate the equivalent of over 50% of our energy
consumption, resulting in a natural economic hedge which
significantly reduces the impact of higher power prices on our
shareholder returns. Over the last six months we have locked in
prices for our remaining exposure for FY23/24.
Further enhancing our energy generation capacity and resilience,
today we are pleased to announce Severn Trent Green Power's
acquisition of Andigestion Ltd, which operates two food waste
anaerobic digestion plants in Devon and Gloucestershire. This will
bring an additional 45 GWh per annum of energy generation,
increasing Green Power's output by 16%(3) . The acquisition is
subject to regulatory clearance(4) .
Financial calendar
Full-year results - Severn Trent's annual results presentation
will be on 24 May 2023.
Following the submission of our PR24 Business Plan, we will host
a Capital Markets Day to bring our AMP8 plans to life on 12 October
2023.
Footnotes
(1) Water company performance report 2021-22
https://www.ofwat.gov.uk/wp-content/uploads/2022/12/WCPR_2021-22.pdf
(2) Monitoring financial resilience report 2021-22
https://www.ofwat.gov.uk/wp-content/uploads/2022/12/MFR_2021-22.pdf
(3) Based on FY22 actual generation of 274 GWh
(4) The intended acquisition is subject to clearance by the
Competition and Markets Authority
Enquiries
Investors & Analysts
Rachel Martin Severn Trent Plc +44 (0) 7824 624011
Head of Investor Relations
Dominique Mowle Severn Trent Plc +44 (0) 7976 767079
Investor Relations
Manager
Media
Jonathan Sibun Tulchan Communications +44 (0) 207 353 4200
Press Office Severn Trent Plc +44 (0) 247 771 5640
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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February 08, 2023 02:00 ET (07:00 GMT)
Grafico Azioni Severn Trent (LSE:SVT)
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Grafico Azioni Severn Trent (LSE:SVT)
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