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Severn Trent full-year profits rise on higher demand

Reuters - UK Focus

LONDON, May 22 (Reuters) - British water supplier Severn Trent (BSE: TRENT.BO - news) reported a 3.2 percent rise in full-year profit thanks to higher demand, allowing it to fulfill a pledge to pay shareholders and pay a dividend of 84.90 pence per share.

The utility made underlying group profit before exceptional items of 540.3 million pounds ($847 million), while turnover increased 2.5 percent from a year earlier to 1.8 billion pounds.

The utility had already announced in January it would cut its 2015-16 dividend by 5 percent to comply with tighter profit rules imposed by Britain's water regulator.

It renewed its target on Friday to increase annual dividend payments thereafter by no less than inflation until 2020. ($1 = 0.6376 pounds) (Reporting by Karolin Schaps; editing by David Clarke)