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Severn Trent fine dwarfed by profit ; WATER FIRM: Company posts positive growth report despite finacial setbacks
- Article from:
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Birmingham Mail
- Article date:
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June 6, 2008
- Author:
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Copyright informationCopyright 2008 Birmingham Mail. Provided by ProQuest LLC. (Hide copyright information)
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SEVERN Trent has remained bouyant despite counting the costs of
fines and last summer's floods.
The water company has announced underlying profits rose 15.8 per
cent to pounds 469 million despite the company being fined pounds
35.8 million in April for deliberately giving false information and
poor customer service in 2005.
Regulater Ofwat said the company made customers pay over the odds
for their bills and described its actions as "unacceptable". Severn
Trent is currently awaiting a second fine from the Serious Fraud
Office action on false leakage date given to the regulator in 2001
and 2002.
Despite these setbacks the company said in a statement: "In 2007/
08, we turned a significant ...