SEVERN TRENT
PRE-CLOSE PERIOD TRADING STATEMENT
1 April 2004
Severn Trent is starting its analysts' briefings ahead of the close period
prior to the announcement of results for the year ending 31 March 2004. The
following trading update for the 2003/04 financial year will be provided.
The Board considers that the Group has delivered a good overall performance for
the full year.
In 2003/04 Severn Trent Water has benefited from the IDOK awarded in December
2002 and has continued to manage its opex and capex costs successfully. Capital
investment in 2003/04 is broadly in line with its expectations and outputs are
on target. Severn Trent Water has continued to deliver high levels of
performance in terms of customer service and drinking water and wastewater
quality.
Following OFWAT's review of Severn Trent Water's leakage data, the company's
Overall Performance Assessment for 2002/03 has been revised to first position
in respect of water and sewerage companies. As part of the AMP4 price review,
the final business plan will be submitted to OFWAT by the end of April and a
summary of the plan will be published in early May.
Biffa's total PBITA (including Hales and increased pension charges) is expected
to be 12% to 16% ahead of last year. The Hales integration process to date is
ahead of its originally planned timing and is expected to deliver the
anticipated synergies.
Despite the adverse impact of exchange rates, Services' total PBITA is expected
to be 10% to 14% ahead of last year.
The Group's results for the year ending 31 March 2004 will be announced on 8
June 2004.
ENQUIRIES THURSDAY 1 APRIL 2004:
Peter Gavan Severn Trent 0207 233 3914
Director of Corporate Affairs
Julian Wais Severn Trent 0207 233 3914
Head of Investor Relations
Simon Holberton Brunswick Group 020 7404 5959
AFTER 1 APRIL 2004:
Peter Gavan : 0121 722 4310
Julian Wais : 07899 066 242
Footnotes:
1 PBITA is profit before interest, tax and goodwill amortisation but
excluding exceptional items.
2 This document contains certain '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', 'should', 'expects', 'believes', 'intends',
'plans', 'targets', 'goal' or 'estimates'. 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 will occur in the future.
There are a number of factors that could cause actual results and
developments to differ materially from those expressed or implied by these
forward-looking statements. These factors include, but are not limited to,
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. Severn Trent
does not intend to update these forward-looking statements.
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).
Ends
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