ANALYSIS

on the right path.

Rowe was an old-school CEO, joining the company straight out of school and sticking around for 40-odd years. His focus on what the business was good at and known for, rather than reinventing the wheel and trying to compete directly with younger and cooler brands, is paying off now for Machin –another retail lifer, beginning his career as a shelf-stacker in a Sainsbury’s outside of Gillingham. Between them the two men appear to have finally given one of Britain’s best-loved brands the gift of a few more years’ relevance, and a lot more besides.

Severn Trent yesterday reported booming full-year profits and forecast strong earnings for the upcoming year. It said it anticipates the “biggest investment period the sector has ever seen”. The company said it is planning “increased capital investment of between £850m and £1bn for 2023/24,” and saw turnover hit £2.1bn, up 11.4 per cent on the previous year. Severn Trent’s profits before interest and tax also saw a rise of 0.5 per cent to £508.2m for the year ending March. Liv Garfield, Severn Trent chief, said: “We are expecting the biggest investment period the sector has ever seen, with a focus on water resources, improving environmental standards.” The sector has seen intense scrutiny with water companies coming under fire for dumping excessive amounts of raw sewage into seas and rivers. Shares closed down around two per cent yesterday.