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Wednesday, 20 July 2016 07:52

Severn Trent makes progress on retail market jv with United Utilities

Severn Trent Water is making progress on its retail market joint venture with United Utilities ahead of competition in 2017, according to its latest trading update for the period 1 April to 19 July 2016 published this morning.

The utility said it is continuing to focus on enhancing its customer service, operational and financial performance and is making good progress with its plans to deliver targeted efficiency savings in the second year of the AMP6 regulatory period 2015 to 2020.

Progress is also continuing with the Water Plus joint venture (JV) with United Utilities - the deal completed on 1 June following Competition and Markets Authority approval on 3 May.

The results for the Group for the full-year 2016/17, will therefore include two months of discontinued operations for non-household retail operations, and ten months of the Group’s 50% share of the JV. Severn Trent Plc will announce its half-year 2016/17 results for the period ending 30 September 2016 on 24 November 2016.

A statement by the company said:

“ The Board considers that the Group will deliver trading performance consistent with its expectations and prior guidance.”

 

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