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Severn Trent flows steady in first quarter as Ofwat update eyed

The FTSE 100 water and waste company said it had made a “good start” to its financial year

severn trent
Severn Trent expects the full-year trading performance will be in line with previous guidance

Severn Trent PLC (LON:SVT) said it remains on track to hit full-year targets, a day ahead of an expected update from the water industry regulator.

Overall, the FTSE 100 water and waste group said it had made a “good start” to its financial year, which began on 1 April, with no material change to the business performance or outlook for the current year since results were announced on 21 May.

Directors continue to expect to deliver a full-year trading performance in line with prior guidance.

On Thursday 18 July, regulator Ofwat is expected to publish an update on the 2019 price review and a draft determination for several water companies, including Severn Trent’s Welsh business Hafren Dyfrdwy.

After the first three and a half months of the financial year, Severn Trent said it was on track to deliver “at least £25mln” of outperformance payments from customer outcome delivery incentives for the full year.

Shares in the company, which hit an 18-month high above 2,150p earlier this month, fell almost 3% in early trading on Wednesday to 1,921p but were back up to almost 2,000p by late morning. 

Quick facts: Severn Trent

Price: 2578 GBX

LSE:SVT
Market: LSE
Market Cap: £6.13 billion
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