Profits flushed away at Severn Trent

Revenue and profits have fallen at utilities firm Severn Trent.

For the six month to September 30, the company said group turnober was £888m, down £22m on last year, while profits dived by £61m to £226m.

Severn Trent said its capital investment is set to exceed £500m for the year including accelerated activity on strategic renewable projects.

Liv Garfield, chief executive Severn Trent, said: “The last six months have been challenging for everyone and I am grateful to our Severn Trent people, whether they’ve been in a treatment works, in an office, working from home, or out on the streets carrying out essential work, for the dedication, resilience and wonderful can-do spirit they have shown. It’s these qualities which have enabled us to provide our customers with a great service in such difficult circumstances.

“I’m incredibly proud of what we’ve achieved, whether it’s getting the top environmental performance grade once again from the Environment Agency, improving services for our customers, increasing our investment to help the country build back better, or taking a leading role in the Kickstart Scheme. We’ve done all of that while striving to do the right thing for all of our stakeholders, including mental health programmes, our support schemes for vulnerable customers, and through our £1 million emergency COVID-19 fund.”