Severn Trent’s turnover booms as it offers 90 per cent discounts on soaring bills
Water firm Severn Trent had a spike in earnings and profits for the first half of the year, as it offers 90 per cent discounts to customers struggling with their bills.
The London-listed utilities firm confirmed a 10.8 per cent increase in turnover from 2021 by up £103.6 million.
The company also announced a near 2.5 per cent boom in profit before tax to £261m.
With the cost of living crisis, it also confirmed financial help to more than 300,000 customers, including 90 per cent discounts on their bills.
Severn Trent also said it was on track to deliver a massive investment programme, while 70 per cent of its almost £3bn capital programmes had prices locked, to secure customers from rising energy bills. It also announced a 10-year programme to help 100,000 out of poverty.
“The first half of this year has shown the benefits of the sustained investment we’ve made over many years in our people, region and environment”, said Liv Garfield, chief executive of Severn Trent.
She said the company was delivering on “operational and environmental commitments, with around 85 per cent of regulatory measures meeting or exceeding targets”.
“Today, we are proud to launch a new ten-year strategy to address some of the underlying causes of poverty in our region, helping people to secure employment and supporting customers through current cost of living pressures.
“This builds on the investment we’re already making through our £10 million Community Fund and the support we offer to 315,000 customers through our affordability schemes, including discounts of up to 90% off their water bills.”