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Trading statements

Pennon on track to deliver in-line with management's expectations

25 September 2017 07:58

Pennon said it is on track to deliver in-line with management's expectations across both its water and waste businesses.

Progress is being made on the final agreements relating to the Greater Manchester PFI Contract. At Glasgow's Recycling and Renewable Energy Centre (GRREC), the ERF remains on schedule to enter final commissioning by the end of 2017.

On 11 September 2017, Pennon launched a tender offer for its 2013 6.75% hybrid alongside the issuance of a new 2017 hybrid.

£286m was redeemed through the tender offer, while the remaining £14m has been called. This process is expected to complete in October 2017.

The new 2017 £300m hybrid successfully completed on 22 September 2017 with an annual coupon rate of 2.875% and a first call date of 22 May 2020.

OUTLOOK

Pennon continues to deliver a robust underlying financial performance for 2017/18. With our clear strategy and strong balance sheet, Pennon is well-placed to continue to deliver for customers, communities and shareholders.

Story provided by StockMarketWire.com

Related Company: PNN

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