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Severn Trent H1 Profit Rises; Hikes Interim Dividend - Quick Facts

Severn Trent Plc (SVT.L), a UK water and waste water company, reported Thursday that its profit on ordinary activities before taxation for the six months ended 30 September 2018 rose to 203.6 million pounds from a restated 180.9 million pounds in the same period last year.

Profit before income and taxes or PBIT increased 1.4 percent from the year-ago period to 299.1 million pounds.

Profit for the six-month period attributable to owners of the company edged up to 165.1 million pounds from 164.1 million pounds in the year-ago period. Basic earnings per share from continuing operations were 69.8 pence, up from 62.2 pence a year ago.

Group underlying profit before interest and taxes was 229.1 million pounds, compared to a restated 286.7 million pounds last year. Underlying basic earnings per share were 76.2 pence, compared to 65.5 pence last year.

The company noted that the latest period's results benefited from an excellent start in the Property Development business and good operating cost control despite difficult operating conditions over the summer in the company's Regulated Water and Waste Water business.

Group turnover for the half year rose 3.6 percent to 881.5 million pounds from a restated 851.0 million pounds a year ago, mainly due to allowed price increases in the company's Severn Trent Regulated Water and Waste Water business.

Liv Garfield, Chief Executive Severn Trent Plc, said, "The performance culture we have embedded into the organisation continues to deliver strong performance for our customers, also providing a great platform as we head into AMP7. As we plan and invest for the future, we are on track for our biggest year of capital spend in a decade, with more than £300 million invested in the first six months to improve performance for our customers today and for generations to come."

Further, the company's Board has declared an interim ordinary dividend of 37.35 pence per share, up 7.9 percent from 34.63 pence per share last year. The dividend will be paid on 4 January 2019 to shareholders on the register at 30 November 2018.

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