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Trading statements

Pennon steady

09 February 2017 07:27

Pennon says its directors consider the company will deliver trading performance consistent with its expectations and prior guidance.

"Our water and waste businesses are performing well and we are on track to deliver a good set of results for the full year 2016/17," said CEO Chris Loughlin in a statement.

"South West Water is on course to remain at a sector-leading 11.7% RORE and Viridor is on track to contribute the targeted about £100m of EBITDA from its portfolio of Energy Recovery Facilities.

"With our sector-leading dividend policy, our growth profile and our strong balance sheet, Pennon is well-placed to continue to deliver for customers, communities and shareholders."

Pennon also announced today that it had agreed terms with Nomura to unwind a derivative, entered into in 2011, through Peninsula MB Ltd.

The derivative had been due to end in 2027, however, following a change in the economic benefit of this derivative outlined at the half year results 2016/17, Pennon was exercising its option to unwind the transaction early.

The estimated overall post-tax impact of unwinding this derivative has already been reflected through the £39.5m derivative liability recognised at the half year results 2016/17.

Story provided by StockMarketWire.com

Related Company: PNN

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