Severn Trent eyes expansion, posts profit gain for latest year

Article Abstract:

Severn Trent PLC announced that its 1997 profits increased by 2% to 374 million pounds sterling ($611 million). The company's pre-tax earnings from its regulated water and sewerage operations increased by 0.8% to 414.2 million pounds sterling and it also posted a 4.7% decrease in its direct operating expenses. Severn Trent's report also indicated that most of its growth came from its nonregulated operations in the UK. Biffa, its waste-management operation, posted a 17% in its pre-tax profit to 28.4 million pounds sterling. Severn Trent Services also recorded an 11% increase in before-interest profits to 15.9 million pounds sterling.

Comment:

Announces that its 1997 profits increased by 2% to 374 mil pounds sterling ($611 mil)

Water Supply and Irrigation Systems, Sales, profits & dividends, Water Utilities, Severn Trent PLC

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National Grid seeks U.S. partner, posts 2.8% decline in pretax profit

Article Abstract:

National Grid PLC said that it is interested in buying a US-based utility firm as it works on possible partnerships and as it reports a pretax profit drop of 2.8% to 574.8 million pounds sterling for 1997 fiscal year ended Mar. 31, 1998. The company also said that the proposed joint venture in India has lost its possible realization due to the nuclear testing in that country. Finance Director Stephen Box stated that a possible deal in the US could be closed in up to 18 months because of regulatory constraints. The company is considering a purchase of a US distribution operation to expand its reach beyond transmission.

Comment:

Is interested in buying US-based utility firm; reports a pretax profit drop of 2.8% to 574.8 mil pounds sterling for 1997

Electric Power Distribution, National Grid Company PLC

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Wassall may be joined in its rival bid for TLG

Article Abstract:

Wassall PLC, an industrial group based in the UK, may be joined by private UK equity houses in its 351-million-pounds-sterling or 175 pence-a-share bid for TLG PLC, an electrical-equipment firm. Christopher Miller, Wassall's chief executive, said the company is open to accept equity partners of up to 50% in TLG and other investments provided Wassall maintains management and strategic control. However, Miller said Wassall's bid does not rely alone on outside equity investment. Wassall, which keeps an eye on the UK and the US, is also open to acquisitions in Europe or Southeast Asia.

Comment:

May be joined by private UK equity houses in its 351-mil-pounds-sterling or 175 pence-a-share bid for TLG PLC

Electrical & Electronic Equip, Electrical Equipment, Appliance, and Component Manufacturing, Asset sales & divestitures, Other Footwear Manufacturing, Nonrubber Footwear, Footwear industry, Footwear, Wassall PLC, TLG PLC

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