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July 15, 2020, 2:26 a.m. EDT

Severn Trent backs FY 2021 guidance

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By Jaime Llinares Taboada

Severn Trent PLC on Wednesday said trading over the first quarter of the fiscal year was as expected, and anticipated a full-year performance consistent with previous guidance.

The U.K. water utility company said it hasn't seen any evidence that would change its estimates regarding the impact from the coronavirus pandemic. It continues to guide for a negative hit of between 50 million and 85 million pounds ($63 million-$107 million) to revenue in the year ending March 31, 2021. However, this loss would be recovered in fiscal 2023, Severn Trent said.

The group added that cash collection was encouraging and broadly in line with a year earlier, although bad debt increases related to the pandemic continue to be expected.

Severn Trent also said it remains on track to invest GBP430 million-GBP510 million this fiscal year in infrastructure, and reported committed facilities of GBP1.1 billion--all of which are undrawn--after a recent issue of sustainable bonds.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

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