(Reuters) - British water utility Severn Trent Plc (L:SVT) posted a 4 percent rise in full-year profit on Wednesday, as its Dee Valley Water business and higher revenue offset the impact of changes in business rates and costs.

The company, which supplies water across the Midlands region, said underlying profit before interest, tax and exceptional items rose to 541 million pounds for the year ended March 31 from 520.1 million a year earlier.

The FTSE 100-listed company said it earned 80 million pounds in customer outcome delivery incentives (ODI), up from 47.6 million a year earlier.

The incentives are paid to water companies by regulator Ofwat for meeting or exceeding targets, such as project completions and customer service.