Profit before tax at Severn Trent has almost tripled year-on-year in the six months to 30 September, reaching £192.3m.

The water firm, which serves around eight million people across the midlands, saw its revenue increase by just over 4% in the same period, reaching £1.21bn.

Severn Trent's profit before interest and tax reached £297.8m, up from £255.1m, while its earnings per share almost doubled, jumping from 29.7 pence per share to 59 pence in this period.

The results come as the firm completed its AMP7 investment programme, which aimed to deliver around £2bn to carry out works between 2020 and 2025.

In the final year of the programme, Severn Trent said it was the "highest year of capital investment", forecasting the amount to be in the upper end of the £1.3bn to £1.5bn guidance range.

Looking ahead to AMP8, which is set to start in the next year, Severn Trent said it was looking to commit to net-zero operational emissions by 2030 and an acceleration of £450m in investment.

Chief executive at Severn Trent, Liv Garfield, said: "I am proud of what we have delivered for customers, hitting our targets on leakage and blockages while also achieving the highest four-star status from the Environment Agency in each of the last five years. We have continued to lead the industry on sustainability, pioneering carbon neutral technology and progressing our green recovery programme at pace, while committing to support 100,000 people out of poverty by 2033.

"But we know there is more to do. The outstanding rating we received for our plan gives us visibility and confidence to make a fast start on the biggest investment programme in our history."

As part of Severn Trent’s AMP8 plans, it said it is "implementing the sector’s most ambitious storm overflow improvement plan at pace", which is set to create 7,000 jobs across the region.

This is also on course to create a 440-strong team of experts dedicated to its water pipe replacement programme.

Investment director at AJ Bell, Russ Mould, said: "The big increase in profit at water utility Severn Trent may sit uncomfortably with the company’s admission it will miss some water-safety performance metrics this financial year.

"Pollution in Britian’s rivers and seas and the travails of Severn’s unquoted peer Thames Water mean this sector’s name is mud with many.

"However, a modest increase in the dividend and the improved financial performance may be enough to get some investors back on side."

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