The water company has nearly tripled its profits to £192m despite failing a key water safety measure

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Severn Trent has nearly tripled its profits even as the FTSE 100 water company said it had failed to meet a drinking water safety risk standard.

The company, which serves 4.7m customers stretching from Bristol and mid-Wales to the Humber, said it would be “in penalty this year” over a measure of water quality known as the compliance risk index (CRI).