Severn Trent lifted after results update

The price of shares in FTSE 100 water company Severn Trent (LON:SVT) increased by 2% to 2,452p (as of 13:10 BST) after it reported that turnover for the year ended 31st March rose by 4.3%. Management said that current operations remained resilient, with services still being delivered through home working and other changes to working practices.

CEO Liv Garfield commented: “Operationally, this has been another year where we have delivered for all of our stakeholders. However, the last few weeks have been extraordinary; not only for our business, but for the country. I want to say thank you to all of my awesome colleagues; it has been a challenging time, and across each and every part of the business, they have shown amazing commitment to ensuring our customers have continued access to one of life’s essentials. We know that this is a difficult time for our customers, and I am incredibly proud of the ways in which the business has responded. We also understand that for many people this will be a difficult time financially, and we have stepped up our support for those on our Priority Services Register and customers that need extra help with their bills.

“Our business remains strong and we have made further progress against the things that really matter to our customers with leakage, supply interruptions and water quality complaints all improving. We have invested £3 billion in our long- term future over the past five years and are now very focused on emerging from this crisis in the best possible shape to deliver against the exciting plans we have set out for the next five years“.