Investor Alert

Feb. 7, 2018, 2:54 a.m. EST

Severn Trent cuts financing costs; sees FY in line

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By Adria Calatayud

Severn Trent PLC (SVT.LN) on Wednesday confirmed that it anticipates a fiscal 2018 performance in line with expectations, and that it has reduced financing costs.

The FTSE 100 company said it experienced positive momentum in its waste segment, while its water unit had more supply interruptions than normal in the quarter ended Dec. 31.

Water-quality complaints are down 12% on year, the water-management company said.

Severn Trent said that it continues to expect full-year customer outcome delivery incentives of at least 50 million pounds ($69.7 million), compared with GBP48 million in fiscal 2017. The performance-based payments are determined by U.K. water regulator Ofwat for companies that are delivering or exceeding the service levels customers expect.

For the fiscal year ending March 31, a roundup of 12 analysts polled by FactSet estimate that Severn Trent will have a pretax profit of GBP326.1 million. In fiscal 2016, the company had a pretax profit of GBP336.1 million.

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