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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Severn Trent Plc | LSE:SVT | London | Ordinary Share | GB00B1FH8J72 | ORD 97 17/19P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-70.00 | -2.76% | 2,470.00 | 2,477.00 | 2,479.00 | 2,544.00 | 2,474.00 | 2,535.00 | 817,378 | 16:35:02 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Water Supply | 2.17B | 132.2M | 0.4420 | 56.04 | 7.41B |
TIDMSVT
RNS Number : 4348L
Severn Trent PLC
19 July 2017
LEI: 213800RPBXRETY4A4C59
Severn Trent Plc
Trading Update for the period 1 April to 19 July 2017
Severn Trent, one of the leading water and waste water companies in the UK, today announces a trading update for the period to 19 July 2017.
Our focus continues to put the customer at the heart of everything we do. We have made a good start towards delivering our target net reward for 2017/18 customer ODI(1) outperformance of around GBP23 million, whilst also continuing to work towards delivering totex(2) efficiencies of GBP770m in AMP6(3) . We are making good progress on our business plan for AMP7(4) , which will be submitted to Ofwat in September 2018.
On 11 July 2017, Ofwat published its draft methodology consultation for PR19(5) . As expected, PR19 looks set to be a challenging review. However, we are encouraged by the opportunities of higher financial returns for ambitious and innovative companies. On 14 July 2017, Liv Garfield, Chief Executive and Dr Tony Ballance, Director, Strategy & Regulation, hosted a webcast discussing our views on the methodology consultation in more detail. This can be accessed via our website at www.severntrent.com
Following the successful acquisition of Dee Valley in February 2017, integration of the business is progressing well.
We are also encouraged by the ongoing progress of our Water Plus joint venture. It has strongly positioned itself in the new market, including winning a number of large multi-site customers such as Kwik-Fit and David Lloyd Leisure.
The sale of our North American business was announced on 3 July 2017. As a consequence of that disposal and the disposal of our Italian business on 23 February 2017, we will be restating our accounts to classify these activities as discontinued operations and have set out the impact of this restatement below.
As a result of the reclassification of our North American business to discontinued operations, the guidance for the remainder of our Business Services segment has been upgraded. We now expect growth in both revenue and profit before interest and tax in this segment, on a like-for-like basis.
Other than the above, there has been no material change to current year business performance or outlook since the full-year 2016/17 results presentation on 23 May 2017. The Board continues to expect that the Group will deliver full-year trading performance in-line with its expectations and prior guidance.
Severn Trent Plc will announce its half-year 2017/18 results for the period ending 30 September 2017 on 23 November 2017.
Notes
1. ODI = Outcome Delivery Incentive 2. Totex = total expenditure 3. AMP6 = Asset Management Plan 6, the regulatory period for 2015 to 2020 4. AMP7 = Asset Management Plan 7, the regulatory period for 2020 to 2025 5. PR19 = Price Review 2019
Restatement of prior-year results following the reclassification of operating services activities in the USA and Italy as discontinued operations
Severn Trent Plc announces the restatement of prior-year results as a consequence of the reclassification of its Operating Services activities in the USA and Italy as discontinued operations. These activities are restated following the sale of the US business announced on 3 July 2017. For the full financial year to 31 March 2018, the results for the Group will therefore include three months of discontinued operations for the US Operating Services business.
The following restatement of 2016/17 half-year and full-year data is to assist investors and analysts in their financial modelling of the Group, in advance of the half-year 2017/18 results, which will be announced on 23 November 2017.
Summary restatement
Prior year ended 31 March 2017:
Regulated Water and Waste Business Corporate Consol Water Services and Other adjs Group GBPm GBPm GBPm GBPm GBPm Turnover: From continuing operations As previously reported 1,528.8 309.6 6.2 (25.4) 1,819.2 Operating Services US and Italy - (181.2) - - (181.2) Restated 1,528.8 128.4 6.2 (25.4) 1,638.0 ------------------------ ----------- ---------- ----------- ------- -------- From discontinued operations(1) As previously reported - 66.0 - - 66.0 Operating Services US and Italy - 181.2 - - 181.2 Restated - 247.2 - - 247.2 ------------------------ ----------- ---------- ----------- ------- -------- Profit before interest, tax and exceptional items (PBITE)(2) : From continuing operations As previously reported 494.7 37.2 (6.0) (0.8) 525.1 Operating Services US and Italy - (5.0) - - (5.0) Restated 494.7 32.2 (6.0) (0.8) 520.1 ------------------------ ----------- ---------- ----------- ------- -------- From discontinued operations As previously reported - (1.3) - - (1.3) Operating Services US and Italy - 5.0 - - 5.0 Restated - 3.7 - - 3.7 ------------------------ ----------- ---------- ----------- ------- --------
-- Group turnover from continuing operations reduced by GBP181.2 million. Group PBITE from continuing operations is restated by GBP5.0 million.
-- Business Services turnover from continuing operations reduced by GBP181.2 million and PBITE from continuing operations is restated by GBP5.0 million. No other segment was impacted.
-- Discontinued operations turnover increased by GBP181.2 million and PBITE increased by GBP5.0 million.
-- Of the adjustment to turnover of GBP181.2 million, GBP160.5 million relates to Operating Services US and GBP20.7 million to Italy.
-- Of the adjustment to PBITE of GBP5.0 million, GBP4.4million relates to Operating Services US and GBP0.6 million to Italy.
Summary restatement
Prior six months ended 30 September 2016:
Regulated Water and Waste Business Corporate Consol Water Services and Other adjs Group GBPm GBPm GBPm GBPm GBPm Turnover: From continuing operations As previously reported 765.2 151.0 0.6 (10.0) 906.8 Operating Services US and Italy - (86.8) - - (86.8) Restated 765.2 64.2 0.6 (10.0) 820.0 ------------------------ ----------- ---------- ----------- ------- ------- From discontinued operations(1) As previously reported - 68.8 - - 68.8 Operating Services US and Italy - 86.8 - - 86.8 Restated - 155.6 - - 155.6 ------------------------ ----------- ---------- ----------- ------- ------- Profit before interest tax and exceptional items (PBITE): From continuing operations As previously reported 268.9 16.1 (4.7) (1.9) 278.4 Operating Services US and Italy - (2.7) - - (2.7) Restated 268.9 13.4 (4.7) (1.9) 275.7 ------------------------ ----------- ---------- ----------- ------- ------- From discontinued operations(1) As previously reported - 2.4 - - 2.4 Operating Services US and Italy - 2.7 - - 2.7 Restated - 5.1 - - 5.1 ------------------------ ----------- ---------- ----------- ------- -------
-- Group turnover from continuing operations reduced by GBP86.8 million. Group PBITE from continuing operations is restated by GBP2.7 million.
-- Business Services turnover from continuing operations reduced by GBP86.8 million and PBITE from continuing operations is restated by GBP2.7 million. No other segment was impacted.
-- Discontinued operations turnover increased by GBP86.8 million and PBITE increased by GBP2.7 million.
-- Of the adjustment to turnover of GBP86.8 million, GBP74.8 million relates to Operating Services US and GBP12.0 million to Italy.
-- Of the adjustment to PBITE of GBP2.7 million, GBP2.5 million relates to Operating Services US and GBP0.2 million to Italy.
Notes
1. Discontinued operations previously reported comprises the non-household retail business that was sold to Water Plus in June 2016
2. PBITE = Profit Before Interest, Tax and Exceptional items
Enquiries
Ruban Chandran Severn Trent Plc +44 7957 166615 Head of Investor Relations Richard Tunnicliffe Severn Trent Plc +44 7834 419722 Investor Relations Manager
Appendix
Restatement of P&L for the prior year ended 31 March 2017:
The following P&L summaries are provided to assist the reader in comparing continued and discontinued operations side by side.
Ø Group
Continuing Discontinued Total ---------------------------------- ---------------------------------- Operating Operating Services Services Previously US and Previously US and reported Italy Restated reported Italy Restated GBPm GBPm GBPm GBPm GBPm GBPm GBPm Turnover 1,819.2 (181.2) 1,638.0 66.0 181.2 247.2 1,885.2 ----------- ---------- --------- ----------- ---------- --------- ---------- Profit before interest tax and exceptional items (PBITE) 525.1 (5.0) 520.1 (1.3) 5.0 3.7 523.8 Exceptional items 18.6 - 18.6 14.6 - 14.6 33.2 ----------- ---------- --------- ----------- ---------- --------- ---------- Profit before interest and tax 543.7 (5.0) 538.7 13.3 5.0 18.3 557.0 Net finance costs (204.0) (1.1) (205.1) - 1.1 1.1 (204.0) Gains/(losses) on financial instruments (1.8) - (1.8) - - - (1.8) Share of results of associates and joint ventures (1.8) - (1.8) - - - (1.8) ----------- ---------- --------- ----------- ---------- --------- ---------- Profit before tax 336.1 (6.1) 330.0 13.3 6.1 19.4 349.4 Taxation (7.1) 0.6 (6.5) 0.3 (0.6) (0.3) (6.8) Profit after tax 329.0 (5.5) 323.5 13.6 5.5 19.1 342.6 ----------- ---------- --------- ----------- ---------- --------- ----------
Ø Business Services
Continuing Discontinued Total ---------------------------------- ---------------------------------- Operating Operating Services Services Previously US and Previously US and reported Italy Restated reported Italy Restated Total GBPm GBPm GBPm GBPm GBPm GBPm GBPm Turnover 309.6 (181.2) 128.4 66.0 181.2 247.2 375.6 ----------- ---------- --------- ----------- ---------- --------- ------ Profit before interest tax and exceptional items (PBITE) 37.2 (5.0) 32.2 (1.3) 5.0 3.7 35.9 Exceptional items 2.6 - 2.6 14.6 - 14.6 17.2 ----------- ---------- --------- ----------- ---------- --------- ------ Profit before interest and tax 39.8 (5.0) 34.8 13.3 5.0 18.3 53.1 ----------- ---------- --------- ----------- ---------- --------- ------
Restatement of P&L for the six months ended 30 September 2015:
The following P&L summaries are provided to assist the reader in comparing continued and discontinued operations side by side.
Ø Group
Continuing Discontinued Total ---------------------------------- ---------------------------------- Operating Operating Services Services Previously US and Previously US and reported Italy Restated reported Italy Restated GBPm GBPm GBPm GBPm GBPm GBPm GBPm Turnover 906.8 (86.8) 820.0 68.8 86.8 155.6 975.6 ----------- ---------- --------- ----------- ---------- --------- ------- Profit before interest tax and exceptional items (PBITE) 278.4 (2.7) 275.7 2.4 2.7 5.1 280.8 Exceptional items 21.0 - 21.0 20.6 - 20.6 41.6 ----------- ---------- --------- ----------- ---------- --------- ------- Profit before interest and tax 299.4 (2.7) 296.7 23.0 2.7 25.7 322.4 Net finance costs (98.1) (0.4) (98.5) - 0.4 0.4 (98.1) Gains/(losses) on financial instruments (15.4) - (15.4) - - - (15.4) Share of results of associates and joint ventures (0.9) - (0.9) - - - (0.9) ----------- ---------- --------- ----------- ---------- --------- ------- Profit before tax 185.0 (3.1) 181.9 23.0 3.1 26.1 208.0 Taxation 2.9 0.4 3.3 (0.5) (0.4) (0.9) 2.4 Profit after tax 187.9 (2.7) 185.2 22.5 2.7 25.2 210.4 ----------- ---------- --------- ----------- ---------- --------- -------
Ø Business Services
Continuing Discontinued Total ---------------------------------- ---------------------------------- Operating Operating Services Services Previously US and Previously US and reported Italy Restated reported Italy Restated Total GBPm GBPm GBPm GBPm GBPm GBPm GBPm Turnover 151.0 (86.8) 64.2 68.8 86.8 155.6 219.8 ----------- ---------- --------- ----------- ---------- --------- ------ Profit before interest tax and exceptional items (PBITE) 16.1 (2.7) 13.4 2.4 2.7 5.1 18.5 Exceptional items 0.6 - 0.6 20.6 - 20.6 21.2 ----------- ---------- --------- ----------- ---------- --------- ------ Profit before interest and tax 16.7 (2.7) 14.0 23.0 2.7 25.7 39.7 ----------- ---------- --------- ----------- ---------- --------- ------
Investor timetable
Dividend payment date (Final) 21 July 2017 ------------------------------------ ----------------- Half-year results announcement 23 November 2017 2017/18 ------------------------------------ ----------------- Ex-dividend date (Interim) 30 November 2017 ------------------------------------ ----------------- Record date (Interim) 1 December 2017 ------------------------------------ ----------------- Dividend payment date (Interim) 5 January 2018 ------------------------------------ -----------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
TSTSFSFMAFWSEIW
(END) Dow Jones Newswires
July 19, 2017 02:00 ET (06:00 GMT)
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