Midlands and Wales water firm Severn Trent has reported a rise in income and funds to shareholders, while saying it ought to have acted quicker on sewage discharges.
Profits earlier than tax and curiosity reached £508.8m within the 12 months to the top of March, up from £506.2m the 12 months earlier than.
Shareholder funds too are up and estimated to be price greater than £260m. A dividend for the 12 months of £1.06 per share has been proposed by Severn Trent, 4p extra per share than final 12 months.
It comes as the top of business physique UK Water final week apologised for not appearing rapidly sufficient on sewage spills into UK rivers and seas and stated it might spend £10bn on the difficulty.
Customer payments will likely be elevated to fund that spending, Ruth Kelly instructed Sky News.
The apology by UK Water was not repeated by Severn Trent in its annual outcomes, however the firm stated the business ought to have given sewage “much more attention” and “acted faster”.
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There have been a mean of 18 sewage discharges per overflow sewer a 12 months, the report stated, down from a mean of 25 discharges final 12 months. Severn Trent’s web site says it has roughly 2,400 overflow sewers, which means there have been roughly 43,200 discharges within the 12 months.
According to the Environmental Agency, 301,091 sewage spills have been recorded final 12 months – 824 a day on common – from all 10 water and sewerage firms in England. It’s a discount from 2021 when there have been a mean of 1,020 a day. But the drop got here resulting from “dry weather, not water company action”, the company stated.
Severn Trent govt funds for 2023 usually are not recognized at current as the administrators’ remuneration report has not but been printed. Last 12 months chief govt Liv Garfield acquired a £3.9m bundle, making her the best paid govt within the water sector.
Source: information.sky.com”