£100m water firm land sale

WATER company Severn Trent is to sell land to developers to raise £100m over the next ten years.

The firm, which provides water to millions of people in Wales and the Midlands, needs less land and plans to sell the surplus.

It will hand some profits back to customers in lower bills and believes the plan will address housing shortages and create jobs.

Chief executive Liv Garfield said the firm was getting the most out of its assets, saying: ‘It will create benefits for customers, communities and investors.’ Severn Trent revealed the plans as it announced a 3.7pc rise in turnover to £850.4m, helped by increases on bills in line with inflation. Profit increased 4.4pc to £287.8m. The firm said internal sewer floodings fell 38pc over the past 12 months.