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Water utility Severn Trent ups savings forecast, FY profit falls
May 24, 2016 / 6:26 AM / 2 years ago

Water utility Severn Trent ups savings forecast, FY profit falls

(Reuters) - British water utility Severn Trent Plc (SVT.L) said on Tuesday it expected to save about 670 million pounds in total expenditure between April 2015 and March 2020, as it locked in further efficiencies.

A Severn Trent sign hangs on a gate at Cropston Reservoir in Cropston, central England, May 15, 2013. REUTERS/Darren Staples

The company, which supplies water across the UK’s Midlands, said the savings are about 260 million pounds ahead of the expenditure target imposed by the British regulator.

Severn Trent said its underlying pretax profit for the year to March 31 fell 3.2 percent to 523 million pounds, hurt by a decrease in regulated prices.

Reporting by Mamidipudi Soumithri in Bengaluru; Editing by Sunil Nair

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