Severn Trent says floods will cost between £13m-£17m


Severn Trent says floods will cost between £13m-£17m
Severn Trent said the July floods will cost the company between £13 million and £17 million, but results for the year ending March 31st 2008 will be in line with expectations.

In a trading statement, the company said it has already recovered £16 million caused by the summer floods through insurance.

Pre-tax profit is expected to increase by around ten to 12 per cent from last year's figure of £413 million.

The water company revealed infrastructure renewals are expected to cost between £105 million-£110 million for the year.

Severn Trent Water also believes it has achieved the Ofwat annual leakage target for the year.

Preliminary results for the year will be announced on June 5th 2008.

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