Half-year profit before tax up 16% at Severn Trent Water

Profit before tax for the half year to 30 September 2021at Severn Trent Water was up year-on-year 16% to £146.9m on revenues up 8% to £958.2m for the same period.

In its half-year report the company showed a £29.7m jump in finance costs for the half year to £120.8m attributed to interest and inflation increases. That was offset by a £13.8m gain from financial instruments from a £7m loss at the half year stage In 2020. Interim operating profit was up 13.8% at £255.6m.

Severn Trent’s share of the results from its Water Plus retail joint venture with United Utilities for the half year was a loss of £1.8m after in instating the venture to its balance sheet by converting a £32m loan to equity and resuming its recognition of Water Plus’ post tax results.

The company reported that more than 90% of customer ODIs as “on track across water, waste, customer, and the environment.”