Last checked at 12 Oct 2023 07:00
Severn Trent Plc PR24 Capital Markets Day
Today Severn Trent Plc is hosting a Capital Markets Event to bring to life its PR24 Business Plan for the regulatory period 1 April 2025 to 31 March 2030 ("AMP8").
Our plan includes £12.9 billion of investment which will deliver benefits for our customers, the environment, the region and our shareholders, underpinned by a £550 million affordability package and strong shareholder support following a successful £1 billion equity raise.
Throughout the day we will share details of our largest ever investment programme, why we have confidence in our ability to deliver it, and the work we're doing to consolidate our position as the sector leader. This includes:
· | Over £400 million of accelerated investment, as we further step up our capital run-rate and ready our business for a fast start to AMP8; |
· | Reimagining capital delivery, by partnering with manufacturing specialists, to create innovative standardised components which will deliver up to £750 million of assets up to 30% faster, driving efficiency and realising benefits sooner; |
· | Evolution of our in-house design function, with investment in people, systems and data supporting digitalisation strategy, including use of AI and digital twins; |
· | Implementing a new Customer Relationship Management system, Kraken, to unlock the full benefits of our extensive smart metering programme and deliver a step change in customer service; |
· | New ODI Centre of Excellence, as we aim to push the frontier on measures that matter most to customers and continue our strong track record of outperformance; |
· | Zero Spills Hub which supports our commitment to a step-change in reducing spills, and trialling global technology to work towards no spills from storm overflows; and |
· | Our insourcing and talent strategy, ensuring we have the right skills in house for long term success. |
Critical to successful delivery of our plan is our performance-driven culture, and our Capital Markets Day follows our three day leadership event, which has seen us launch our plan to our 1,000 people leaders. Starting tomorrow, we will embark on a CEO-led roadshow to directly engage with our 8,000 people, focused on how we maximise the next 18 months to prepare ourselves fully for a successful AMP8.
Virtual options
For those unable to join us in person today, a video of the event will be published on our website at www.severntrent.com as soon as practicable after the event.
Enquiries
Rachel Martin | Severn Trent Plc | +44 (0) 7824 624 011 |
Head of Investor Relations | ||
Andy Farrell | Severn Trent Plc | +44 (0) 7989 390 825 |
Investor Relations Manager | ||
Media | ||
Jonathan Sibun | Teneo | +44 (0) 207 353 4200 |
Press Office | Severn Trent Plc | +44 (0) 247 771 5640 |
Important notices
This announcement does not constitute or form part of, and should not be construed as, any offer, invitation or recommendation to purchase, sell or subscribe for any securities in any jurisdiction. Securities may not be offered, sold or transferred in the United States absent registration or an applicable exemption from the registration requirements of the US Securities Act of 1933 (as amended) (the "Securities Act"). The securities of the Company have not been and will not be registered under the Securities Act. This announcement does not purport to contain all of the information that may be required to evaluate any investment in Severn Trent Plc or any of its securities and should not be relied upon to form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever.
The information and opinions contained in this announcement are provided as at the date of this announcement, have not been independently verified and are subject to change without notice.
This announcement contains statements that are, or may be deemed to be, 'forward-looking statements' with respect to Severn Trent's financial condition, results of operations and business and certain of Severn Trent's plans and objectives with respect to these items.
Forward-looking statements are sometimes, but not always, identified by their use of a date in the future or such words as 'anticipates', 'aims', 'due', 'could', 'may', 'will', 'would', 'should', 'expects', 'believes', 'intends', 'plans', 'projects', 'potential', 'reasonably possible', 'targets', 'goal', 'estimates' or words with a similar meaning, and, in each case, their negative or other variations or comparable terminology. Any forward-looking statements in this announcement are based on Severn Trent's current expectations and, by their very nature, forward-looking statements are inherently unpredictable, speculative and involve risk and uncertainty because they relate to events and depend on circumstances that may or may not occur in the future.
Forward-looking statements are not guarantees of future performance and no assurances can be given that the forward-looking statements in this announcement will be realised. There are a number of factors, many of which are beyond Severn Trent's control that could cause actual results, performance and developments to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not limited to: the Principal Risks disclosed in our latest Annual Report and Accounts (which have not been updated since the date of its publication); changes in the economies and markets in which the group operates; changes in the regulatory and competition frameworks in which the group operates; the impact of legal or other proceedings against or which affect the group; and changes in interest and exchange rates.
All forward-looking statements made in this announcement which are attributable to Severn Trent or any other member of the group or persons acting on their behalf are expressly qualified in their entirety by the factors referred to above. The final PR24 Business Plan is subject to approval by Ofwat and there can be no assurance that the PR24 Business Plan will be approved, in whole or in part, and, as a result, no assurances can be given that the forward-looking statements in this announcement will be realised. This announcement speaks as at the date of publication. Save as required by applicable laws and regulations, Severn Trent does not intend to update any forward-looking statements and does not undertake any obligation to do so. Past performance of securities of Severn Trent Plc cannot be relied upon as a guide to the future performance of securities of Severn Trent Plc. Nothing in this announcement should be regarded as a profit forecast.
Certain information contained herein is based on management estimates and Severn Trent's own internal research. Management estimates have been made in good faith and represent the current beliefs of applicable members of Severn Trent's management. While those management members believe that such estimates and research are reasonable and reliable, they, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change without notice, and, by their nature, estimates may not be correct or complete. Accordingly, no representation or warranty (express or implied) is given to any recipient of this announcement that such estimates are correct or complete.