British water utility firm Severn Trent Plc released its full-year results on Tuesday morning in which it reported strong profit before growth and high customer satisfaction levels.
Key points from the update included group turnover slipping slightly by 0.8% to £1,787 million, a results of regulated price decreases whilst the company’s underlying profit before tax was up 4.4% at £314m.
Severn Trent said that it believes that it has offered customers the best priced combined average bills in the U.K. at £329 in 2016/2017, the same price as the prior year.
The utility company has heavily focused on its customer satisfaction as complaints dropped by a significant 28% year on year, as the group said it made “strong progress” in problematic areas of internal sewer flooding, which saw numbers drop by 31%.
Chief executive Liv Garfield said:
Putting our customers at the heart of our business has led to a promising start to the current regulatory period.
We continue to drive down costs and have the lowest combined water bills in Britain, with our customers paying on average less than a pound a day for their water and waste water services. Further efficiencies are also allowing us to invest even more for the long-term benefit of our customers and shareholders.
In June 2015 Severn Trent saw interest from Canadian company, Borealis Infrastructure which was in discussions to acquire the British company. The business did attempt a takeover in May 2013 as part of the the LongRiver Partners consortium which included the Kuwait Investment Office and the Universities Superannuation Scheme UK pension fund.
In line with the groups dividend policy the full year dividend was reduced by 5% to 80.66p per share, from 84.9p per share in 2015.