In line with their policy for AMP7 to increase the dividend by at least CPIH each year, the Severn Trent Board has proposed a final ordinary dividend of 60.95 pence per share for 2020/21 (2019/20: 60.05 pence per share). This gives a total ordinary dividend for the year of 101.58 pence (2018/19: 100.08 pence).
Other financial highlights include:
The final ordinary dividend is payable on 16 July 2021 to shareholders on the register at 28 May 2021.
Group turnover of £1,827 million, down 0.9%, with c.£50 million net impact of lower consumption due to COVID-19 lockdowns, the regulatory model allows us to recover this later in the AMP
Adjusted PBIT of £473 million, in line with expectations, down 17.1% as a result of PR19 rebasing of tariffs, the net impact of COVID-19 on consumption and additional investment to drive their customer ODI performance. Reported PBIT of £471 million (2020: £568 million)
Strong household cash collection, up £61 million (5.2%) year-on-year, helping reduce bad debt charge to 3.0% of household revenue
Effective interest cost reduced 30 bps to 3.4%; RCF refinanced through their Sustainable Finance Framework; sufficient liquidity through to December 2022
Adjusted basic EPS at 105.4 pence and basic EPS at 89.1 pence, in line with expectations
