Severn Trent Water group today (June 10) reported preliminary results for the year to 31 March 2003 which showed that while Biffa Waste Services turnover was up 3.3% to 510.9m (494.8m), profits were down.
The Group said that in “difficult market conditions” profit down interest and tax was down 7.0% to 67.9m (73.0m). Overall this was broadly flat year-on-year excluding the extra profits made from landfilling cattle during the foot and mouth epidemic in the financial year 2001/02.
Robert Walker, Group Chief Executive, Severn Trent Plc, said: “As a Group we are focused on water, waste and laboratories.” On Biffa, he commented: “Despite continuing difficult conditions in the UK waste market, Biffa's profits were broadly flat year-on-year if the contribution from foot-and-mouth in 2001/02 is excluded.”
“Overall, the Group is likely to experience another challenging year
in 2003/04. However, looking further ahead, our leadership positions
in UK waste and in environmental testing in the USA and UK, together
with Severn Trent Water's continued outperformance of its regulatory
targets should provide a sound platform for the future success of the
Group.”
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