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Daniel Wainwright & Paul Bradshaw
Severn Trent Water says it will pay for 1.3 million trees to be planted in the Midlands over the next five years.
The water company is supplying them to the Woodland Trust, which is working with farmers and landowners to find suitable locations.
The firm has paid for 700,000 of them since 2015, mostly in Derbyshire, but now wants to widen the scheme out to cover Staffordshire, Shropshire, Worcestershire and Warwickshire.
It said the trees, which will all be native species, can improve drainage, reduce the amount of chemicals leaking into rivers, and improve air quality.
Emma-Lou Montgomery, associate director from Fidelity Personal Investing’s share dealing service has been looking at today's figures from Severn Trent. She said:
Severn Trent shareholders will be breathing a sigh of relief and thanking their lucky stars that the water company didn’t “do a Vodafone” and instead came good on its full year dividend pay-out. It’s green credentials were paraded for all to see as well. Although time will tell whether the pledges it has made trickle through to the eventual use of 100% renewable energy. However, having given themselves until 2030 to deliver doesn’t exactly make them trailblazers.
Water company Severn Trent has posted a 6.8% rise in profit for the year after scoring a number of performance-related incentives from regulator Ofwat, that offset a rise in costs linked to last summer's supply shortages.
It confirmed the final dividend will be 56.02p.
But the firm warned once more about the impact of any future nationalisation of the industry on its strategic goals.
Labour published plans earlier this month under which it would offer shareholders in water utilities around half their current market value under a nationalisation programme should it win the next general election.
Homes and businesses were left without a water supply and five schools have been forced to close.