Severn Trent Trading Update - 1 Oct 2018 to 6 Feb 2019
Posted: February 6th, 2019, 7:04 am
There have been no material changes to current year business performance or outlook since the HY18/19 results presentation on 22 November 2018. The Board continues to expect that the Group will deliver full-year trading performance in-line with its expectations and prior guidance.
In December, we welcomed Ofwat's decision to increase the cap on waste water customer ODIs from 2% to 2.6% of RoRE, from 1 January 2019. This continues to align performance incentives to the things our customers care most about. As previously stated, these prospective changes will provide the opportunity to receive further outperformance payments in FY2019/20 for some of our longer-term waste water customer ODIs that would have been limited by the previous cap. Our guidance of a net neutral position for FY2018/19 remains unchanged.
Our capital programme is progressing well and we are on track to deliver our biggest capital spend in a decade. Our re-investment programme from part of the £870m Totex efficiencies we have delivered in AMP6 is continuing at pace, putting us in a strong position for AMP7.
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