29.11.2004: Meldung: Severn Trent Interim Results to 30 September 2004


Financial and operating highlights

- Turnover up 3.3% to £1,038.9m (£1,006.0m)
- PBITA* down 2.2% to £229.3m (£234.5m); up 4.2% before incremental
pension charges; PBIT of £214.2m (£223.8m)
- Incremental pension charges £15.1m and reduction in Other
businesses" PBITA affect year on year result by £22.0m
- PBTA* down 6.5% to £141.3m (£151.1m); PBT of £126.2m (£140.4m)
- There were no exceptional profits (£4.2m)
- Adjusted basic EPS** down 15.0% to 29.0p (34.1p); Basic EPS of
22.7p (31.1p)
- Interim dividend increased by 2.5% to 18.21p (17.77p)
- Net debt £2,735m (£2,749m at 31 March 2004); interest costs up
£4.6m to £88.0m

Severn Trent Water
- Turnover up 5.8% to £505.7m (£477.8m)
- PBITA* up 1.3% to £181.2m (£178.8m); up 7.4% before incremental
pension charges; PBIT of £181.2m (£186.2m)
- Management of costs continues; AMP3 regulatory outputs on track
- Awaiting AMP4 Final Determination, due 2 December 2004

- Turnover up 14.4% to £353.0m (£308.7m)
- PBITA* up 12.3% to £43.8m (£39.0m); up 15.9% before incremental
pension charges; PBIT of £32.4m (£24.6m)
- Growth in PBITA largely from Hales contribution and delivery of
planned acquisition synergies.

- Turnover down 2.9% to £187.6m (£193.2m)
- PBITA* down 8.8% to £18.7m (£20.5m); down 6.3% before incremental
pension charges; PBIT of £15.0m (£16.8m)
- Excluding the impact of exchange rates PBITA* down 2.0%; up 0.5%
before incremental pension charges

Other businesses
- Includes Systems, Property, Engineering consultancy and Insurance.
Turnover down 50.3% to £36.6m (£73.6m); PBITA* loss of £2.0m
(profit £6.2m)
- Systems turnover down 18.3% to £25.0m (£30.6m); PBITA* loss £1.9m
(profit £0.7m)
- Property, Engineering consultancy and Insurance turnover down 73%
to £11.6m (£43.0m) of which Property contributed £1.4m (£27.5m);
PBITA* loss £0.1m (profit £5.5m)

* excluding exceptional items ** excluding exceptional
items and deferred tax

David Arculus, Chairman Severn Trent Plc, said:

" The Group has delivered a satisfactory overall performance in the
first half of 2004/05, with PBITA down 2.2% after the effect of
incremental pension charges.

"These Group results, and our confidence in our core businesses, has
led the Board to increase the interim dividend to 18.21p per share."

Robert Walker, Group Chief Executive, Severn Trent Plc, said:

"Severn Trent Water has continued to manage costs while maintaining
excellent customer service and delivering its AMP3 obligations. We
await the Price Determination on 2 December, which we will carefully
assess to establish whether it enables us to deliver the services
our customers require and provide adequate returns to investors."

"Biffa"s performance has benefited from the completion of the Hales
integration with profits 12.3% ahead half-year-on-half-year."

"I am satisfied with the underlying progress of Services, albeit
the performance has been impacted by difficult market conditions in
the US and the impact of a falling dollar exchange rate."

"We have a strong platform on which the new leadership team can
build and take the group further forward. On Thursday we will know
the outcome of the Final Determination and Severn Trent Water is well
advanced in planning the next five years. Biffa is now the largest
integrated waste company in the UK and is poised to take full
advantage of the new waste regulations."


Robert Walker
Severn Trent Plc 020 7404 5959 (on the day)
Group Chief Executive 0121 722 4775

Mark Wilson
Severn Trent Plc 020 7404 5959 (on the day)
Group Finance Director 0121 722 4267

Peter Gavan
Severn Trent Plc 020 7404 5959 (on the day)
Director of Corporate Affairs 0121 722 4310

Julian Wais
Severn Trent Plc 020 7404 5959 (on the day)
Head of Investor Relations 0121 722 4295

Simon Holberton or Eilis Murphy
Brunswick Group Ltd 020 7404 5959

Source:Severn Trent PLC
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