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Severn Trent just keeps rollin' along

Last updated: 07:20 13 Feb 2015 GMT, First published: 08:20 13 Feb 2015 GMT

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With just over a third of its financial year gone utility company Severn Trent (LON:SVT) is on track to meet full year expectations.

The water company said consumption in its Ofwat-regulated business is now expected to be up slightly on the previous year as a result of the warmer weather.

Severn is expecting its bad debt level to remain constant at around 2.2% of turnover.

It made no changes to previously announced expenditure guidelines, while on the non-regulated side of the business it is sticking with its previous forecast of a moderation in top line growth in the second half of the financial year.

The group interest charge is now forecast to be lower year-on-year. A higher level of net debt will be more than offset by a higher level of capitalised interest, the company said.

As previously announced, the board has decided to set the 2015/16 dividend at 80.66p, a reduction of 5% compared to the current year total dividend of 84.90p.

Shares shed 28p to 2,030 in the first half-hour of trading.

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