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Annual Results

Pennon lifts profit in strong FY performance

24 May 2017 09:25

Pennon Group has posted an 18.3% rise in its FY pretax profit to £250.0m, in what it described as a strong performance across its water and waste businesses.

Revenue gained 0.1% to £1.23bn, and dividend per share was up 7.1% to 35.96p a share.

"Pennon has delivered a strong performance in 2016/17 across its water and waste businesses," said CEO Chris Loughlin.

"South West Water's Return on Regulated Equity continues to lead the sector while Viridor is growing through its Energy Recovery Facility portfolio, delivering EBITDA of £107m, ahead of our c.£100m target," he added.

"Across the Group we are investing for growth while driving efficiency to keep costs low for the benefit of our customers.

"We have delivered savings of £129 million in total expenditure at South West Water since the beginning of the current regulatory period, cementing our commitment to reduce the real cost of water bills to 2020.

"We believe Pennon is well positioned now and for the future and our performance underpins our long established sector-leading 10 year dividend policy of 4% growth per annum above RPI inflation out to 2020."

At 9:25am: (LON:PNN) Pennon Group PLC share price was +2p at 905.5p

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