Trading Update for the period 1 Oct to 31 Dec 2016

RNS Number : 5246V

Severn Trent PLC

31 January 2017

 

Severn Trent Plc

Trading Update for the period 1 October to 31 December 2016

Severn Trent, a leading UK water and waste water company, today announces its trading update for the three months to 31 December 2016.

After a strong operational performance in the third quarter, Severn Trent now expects net customer Outcome Delivery Incentive (ODI) rewards for the full-year 2016/17 to be ahead of previous guidance of £15 million. Whilst there remain two unpredictable winter months ahead, Severn Trent now expects to at least meet or exceed the level achieved last year (£23.2 million, pre-tax at 12/13 prices).

There has been no material change to other technical guidance for the full year and Severn Trent confirms that it continues to perform in line with expectations.

Liv Garfield, Chief Executive, said:

"We are pleased with our third-quarter performance which is testament to the hard work and dedication of our colleagues. While there remains much to do, we are making progress towards our goals of providing an outstanding customer experience, best-value service, and environmental leadership. We remain committed to delivering our £670 million totex efficiency target in this regulatory period, and achieving the lowest possible cost of finance for our business. We will provide a further update on progress towards these goals at our full-year results."

Severn Trent Plc will announce its full-year 2016/17 results for the year ending 31 March 2017 on 23 May 2017.

Enquiries
Investors & Analysts
Ruban Chandran	Severn Trent Plc	[phone]
Head of Investor Relations
Richard Tunnicliffe	Severn Trent Plc	[phone]
Investor Relations Manager
Media
Jonathan Smith	Severn Trent Plc	[phone]
External Communications Manager
Jonathan Sibun	Tulchan Communications	[phone]

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 profit 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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