Severn Trent on track after strong Q1

11th Jul 2024 07:15

(Sharecast News) - Water provider Severn Trent has hailed a strong financial performance over its first quarter and said it continues to expect to hit guidance.

Severn Trent expects to deliver a net Outcome Delivery Incentive (ODI) reward - a measure used by Ofwat to monitor its performance - of more than £100m pre-customer-sharing in 2017/18 prices.

"This would bring our total net ODI reward in AMP7 to around £420m in nominal prices, reflecting consistent sector-leading performance for customers."

The company also delivered more than £300m of capital investment in the first quarter and remains on track to invest between £1.3bn and £1.5bn over the full year ending 31 March 2025.

"Our significant investment programme this year and capital run rate position us strongly to deliver a successful capital investment programme through AMP8," the company said.