Severn Trent profits down as investment programme rolls out

Thu, 21st Nov 2019

Severn Trent's underlying profit declined by 4.3% year on year after a programme of infrastructure investment, but its group turnover rose by 3.2%, according to its half-year report. Turnover hit £910m in the six months to the end of September, up by £28.5m, while underlying profit before interest and tax was £286.3m, down £12.8m. The group's underlying basic earnings per share was 68.8p, down 9.7%, which it said reflected lower profits and the loss incurred from a joint venture with United Utilities, Water Plus. Severn Trent also announced it had agreed a funding plan for its defined benefit pension fund to tackle a £391m deficit. The interim dividend was announced at 40.03p. Story provided by StockMarketWire.com

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