Regulator Ofwat rejects water firms’ five-year business plans for ‘failing customers’ January 31, 2019 Seven of the UK’s leading 10 water companies’ business plans for the next five years have been rejected by Ofwat because they do not “deliver for customers”. In the regulator’s initial assessment of industry players’ plans for 2020-2025, only three companies were given the green light. Four companies – Affinity Water, Hafren Dyfrdwy, Thames Water [...]
Water giant Seven Trent rides out long, hot summer as interim results remain steady November 22, 2018 Water companySevern Trent’s shares remained steady this morning as it published solid interim results with small profit gains and more than £300m invested in the first six months. The figures The group reported £299.1m profit for the six months to 30 September, up 4.3 per cent from the same period last year. Meanwhile, it saw [...]
FTSE 100 roundup: Today’s winners and losers November 2, 2018 The FTSE 100 lost ground today, with the index down 8.05 points at 7,106.61 shortly before the market close. Markets globally reacted positively to suggestions that the US and China may be coming towards a deal to end their recent trade war. However, looking at the week just gone, it appears that the FTSE 100 [...]
Severn Trent targeting positive 2016 performance as costs drop July 15, 2015 Utility firm Severn Trent issued a reassuring trading update yesterday, and told investors it is on track to deliver a full year performance in line with expectations. The update boosted shares by almost one per cent. Operating costs are expected to be lower compared with last year, which the company attributed to organisational changes and [...]
Borealis Infrastructure putting together new Severn Trent bid June 21, 2015 Canada’s Borealis Infrastructure is in the early stages of launching a takeover bid for British utility firm Severn Trent. The investment vehicle previously bid for the FTSE 100 water company in May 2013, as part of the LongRiver Partners consortium which also included the Kuwait Investment Office and UK pension fund the Universities Superannuation Scheme. [...]
Severn Trent share price falls as investments squeeze profits May 22, 2015 The figures Severn Trent's revenue increased 2.4 per cent to £1.8bn in the year to the end of March, up from £1.76bn a year earlier. Nevertheless, investments squeezed profits: pre-tax profit fell 53.5 per cent to £148.2m, down from £318.8m in 2013. It said that investment "in business development in US concessions impacted profit year on [...]
Severn Trent share price dips as water company prepares to slash 500 jobs after profits drop November 25, 2014 Water company Severn Trent is preparing to cut 500 jobs after reporting a 27.7 per cent reduction in profit before tax during the six months to 30 September 2014, dropping from £191m to £138m. However, underlying profit before tax was up 10.3 per cent to £156m from £141m, while turnover improved by 2.7 per cent, [...]
Shire interim finance chief James Bowling switches to Severn Trent October 20, 2014 Shire's interim chief financial officer (CFO) James Bowling has informed the company's board that he will be stepping down to pursue a career at the FTSE 100 water company Severn Trent. Bowling will exit Shire at the end of the first quarter of 2015. Flemming Ornskov, Shire's Chief Executive Officer, commented: James has helped build [...]
Severn Trent expects to ramp up dividend as operating costs rise July 16, 2014 Severn Trent yesterday said that it was trading in line with expectations and planned to raise its dividend by 5.6 per cent this year, although its operating costs were set to rise due to inflation, taxes and higher energy spending. Despite speculation that there would be fierce shareholder opposition at yesterday’s annual general meeting – [...]
Severn Trent hikes dividend as profits soar May 29, 2014 SEVERN Trent yesterday unveiled a 7.1 per cent rise in pre-tax profits, slightly ahead of market expectations, but ongoing negotiations with the regulator over its spending plan continue to overshadow the water company. New chief executive Liv Garfield, who joined eight weeks ago, said the FTSE 100 firm was in “constructive dialogue with Ofwat” over [...]