Severn Trent sees bumper £320m profits as water bills soar

SEVERN Trent's profits and revenues surged last year before the water giant hit consumers with a more than one-fifth annual increase in bills in April.

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The company, which supplies water and sewage services to thousands of Nottinghamshire properties and to more than 4.7 million households and businesses across the wider Midlands and Wales, hiked bills by an average of 21% this year. That equates to a roughly £99 annual increase, with the average household now set to pay £556 over the course of the year.

Severn Trent said the sharp increase in bills will help fund about £15 billion in investment to upgrade its network of pipes, sewers and reservoirs over the next five years.