Turnover was up 6.4 per cent to £1.94 billion for the group, which has its headquarters in Coventry and serves millions of customers across the Midlands and Mid Wales.
Pre-tax profit rose 7.5 per cent to £506 million.
Chief executive Liv Garfield said: "As cost of living pressures continue, we're acting now to support people struggling to pay their bills. Our customers have the second lowest combined bill in the UK at around £1 per day but we know that for some, paying their bill is a challenge. I'm pleased to announce today that we will be helping a further 100,000 people to reduce their water bill by up to 90 per cent, part of our plan to help end water poverty in our region."
A new affordability scheme worth £30 million will support the additional 100,000 customers through a rising inflation environment, taking the total number supported by 2025 to 315,000.
Severn Trent has delivered more than 90 per cent of its 5,000 hectare biodiversity commitment, five years ahead of plan. It is also on track for Net Zero by 2030
Ms Garfield said: "From the frontline to the boardroom, we are committed to making a positive impact on our regions, its people and the environment. I am proud of what we've achieved during the past year, creating new jobs to boost the local economy, providing financial support to community projects and planting 74 Tiny Forests to leave a carbon neutral legacy for the Birmingham 2022 Commonwealth Games.
"We've done this while delivering on our operational commitments; over 88 per cent of our regulatory measures have met or exceeded target. We're playing our part in helping the UK become a sustainable, low carbon economy, recording our best-ever year of renewable energy generation.
"In March we launched 'Get River Positive', a series of pledges to improve our region's rivers. This is not just an ambition, it is a firm commitment. We're investing £100m a year and an additional £566 million on Green Recovery projects to deliver these pledges."