Severn Trent now expects its net customer Outcome Delivery Incentive (ODI) rewards for the full-year 2016/17 to be ahead of previous guidance of £15 million, according to its latest trading update for the period 1 October to 31 December 2016 published today.
The water company is expecting the uplift after a strong operational performance in the third quarter. Whilst two unpredictable winter months still remain ahead, Severn Trent now expects to at least meet or exceed the level achieved last year (£23.2 million, pre-tax at 12/13 prices).
There has been no material change to other technical guidance for the full year - Severn Trent has confirmed that it continues to perform in line with expectations.
Liv Garfield, Chief Executive, said:
"We are pleased with our third-quarter performance which is testament to the hard work and dedication of our colleagues. While there remains much to do, we are making progress towards our goals of providing an outstanding customer experience, best-value service, and environmental leadership.”
“We remain committed to delivering our £670 million totex efficiency target in this regulatory period, and achieving the lowest possible cost of finance for our business. We will provide a further update on progress towards these goals at our full-year results."
Severn Trent Plc will announce its full-year 2016/17 results for the year ending 31 March 2017 on 23 May 2017.
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