Severn Trent H1 Underlying Pretax Profit Rises

Severn Trent PLC SVTRF reported a rise in its first-half underlying pretax profit and lifted its interim dividend. For the six months, Severn Trent's pretax profit fell to 138.2 million pounds ($216.55 million), versus a year-ago profit of GBP191.2 million. Underlying pretax profit climbed to 155.8 million pounds ($244.2 million) versus 141.3 million pounds. The group's profit before interest and tax gained 3% to 275 million pounds (430.57 million US dollar). Its turnover climbed to GBP947.6 million, versus GBP922.4 million. Severn Trent lifted its interim dividend by 5.6% to 33.96 pence per share. CEO Liv Garfield said, "Our focus on customers continues; our average combined bill is the lowest in the land and we are confident of maintaining the lowest bills for the next 5 years; we continue to develop our range of social tariffs; and we have delivered further reductions in leakage and sewer flooding.” Severn Trent shares fell 2.43% to close at $32.10 yesterday.