Edition:
United States

Pennon Group PLC (PNN.L)

PNN.L on London Stock Exchange

757.80GBp
13 Nov 2018
Change (% chg)

-23.20 (-2.97%)
Prev Close
781.00
Open
772.60
Day's High
772.60
Day's Low
743.80
Volume
2,148,542
Avg. Vol
1,221,427
52-wk High
817.00
52-wk Low
577.40

Latest Key Developments (Source: Significant Developments)

Pennon Group says H1 pre-tax profit rose 2.3 pct
Wednesday, 29 Nov 2017 02:02am EST 

Nov 29 (Reuters) - PENNON GROUP PLC ::INTERIM DIVIDEND UP 7.9 PERCENT TO 11.97 PENCEPER SHARE.H1 UNDERLYING PRETAX PROFIT ROSE 2.3 PERCENT TO 131.1 MILLION STG.HY UNDERLYING REVENUE OF ‍723.9​ MILLION STG VERSUS. 685.5 MILLION STG A YEAR AGO.‍GROUP HAS PERFORMED WELL IN H1 2017/18, AND IS ON TRACK TO DELIVER IN LINE WITH MANAGEMENT EXPECTATIONS FOR FULL YEAR 2017/18​.‍WATER BUSINESS IS ON TRACK TO DELIVER AGAINST ALL BUSINESS PLAN COMMITMENTS, INCLUDING THOSE UNDER FINANCIAL ODIS, BY 2020.‍VIRIDOR SEES GENERATING SIGNIFICANT GROWTH IN EBITDA OVER COMING YEARS, WITH STEP UP EXPECTED FROM 2018/19 AS ADDITIONAL FACILITIES COME ON STREAM​.  Full Article

Pennon Group announces update on Viridor's Greater Manchester contract
Thursday, 24 Aug 2017 02:00am EDT 

Aug 24 (Reuters) - PENNON GROUP PLC ::PUPDATE ON VIRIDOR'S GREATER MANCHESTER CONTRACT.VIRIDOR WORKING WITH GMWDA TO AGREE PRINCIPLES OF AN EXIT FROM 25-YEAR RECYCLING & WASTE MANAGEMENT PRIVATE FINANCE INITIATIVE CONTRACT WITH VIRIDOR.PRINCIPLES HAVE NOW BEEN AGREED AND A HEADS OF TERMS BETWEEN GMWDA AND VIRIDOR LAING (GREATER MANCHESTER) LIMITED HAS BEEN SIGNED.VIRIDOR LAING (GREATER MANCHESTER), INEOS RUNCORN (TPS), PENNON ANTICIPATES AT THIS STAGE NET ONE-OFF NON-MATERIAL IMPACT TO INCOME STATEMENT IN 2017/18.  Full Article

Pennon Group reports FY EPS of 47.0P
Wednesday, 24 May 2017 02:00am EDT 

May 24 (Reuters) - Pennon Group Plc :FY underlying pretax profit rose 18.3 percent to 250 million stg.Final dividend up 7.6 percent to 24.87 pence per share.FY revenue 1,353.1 million pounds versus 1,352.3 million pounds.FY operating profit 304.6 million pounds versus 261.8 million pounds.FY dividend per share 35.96p.FY earnings per share 47.0p.FY return on regulated equity (RORE) at 12.6 percent versus 11.7 percent last year.Of 17 million pounds p.a of cost savings expected in 2019, 9 million pounds has been secured to date.Pennon is targeting further savings through a group-wide procurement approach.  Full Article

Pennon updates on Viridor's Greater Manchester Contract
Tuesday, 2 May 2017 11:41am EDT 

May 2 (Reuters) - Pennon Group Plc :Update on Viridor's Greater Manchester Contract.Greater Manchester Waste Disposal Authority (gmwda) continues to face financial challenges due to prolonged austerity..Diversion of waste from landfill remains ahead of contractual commitments and viridor and its partners are keen to ensure this progress is able to continue.Viridor and its joint venture partner John Laing have been actively engaging with GMWDA as they have worked to consider their options..GMWDA has now confirmed it is seeking an exit from Recycling & Waste Management Private Finance Initiative (pfi) contract.Contract relates to Viridor Laing (Greater Manchester) Limited..Discussions and negotiations are now expected to progress over coming weeks as we work with gmwda to ascertain implications.There are provisions in PFI contract for compensation to be paid to Viridor and John Laing on termination..Book value of Viridor's investment in greater manchester project as at 31 march 2016 is £72.3 million.Pennon continues to anticipate reporting a strong financial performance for group at its full year results.  Full Article

Pennon says on track to deliver good set of results for full year
Thursday, 9 Feb 2017 02:13am EST 

Pennon Group Plc : Trading statement . Says trading statement . Says on track to deliver a good set of results for full year 2016/17 . Board considers that pennon will deliver trading performance consistent with its expectations and prior guidance. . Says south west water is on course to remain at a sector-leading 11.7 pct RORE and Viridor is on track to contribute targeted c.100 million stg of EBITDA from its portfolio of energy recovery facilities . Says south west water is on course to remain at a sector-leading 11.7 Pct RORE .Says Viridor is on track to contribute targeted c.£100 million of EBITDA from its portfolio of energy recovery facilities.  Full Article

Pennon Group says half-year revenue down 0.5 pct to 685.5 mln stg
Friday, 25 Nov 2016 02:00am EST 

Pennon Group Plc : Pennon group half year results 2016/17 . On track to meet management expectations for full year 2016/17 . South west water is targeting c.£27 million of net synergies over k6 following integration of bournemouth water. . Pennon has also focused on cost savings across group, with c.£11 million of cost savings and synergy plans announced last year now increased to c.£17 million p.a. From 2019 . Recycling 'self-help' measures driving increased ebitda, commodity risk sharing with clients . c.80 pct ([8]) of existing erf portfolio volumes (and associated price) contracted long-term . Commissioning has commenced at parts of glasgow's recycling and renewable energy centre, though contractor delays mean takeover of centre is now expected in 2017 . Project will now be completed by an experienced team assembled by viridor with contractual remedies supporting completion . Construction of three further erfs ongoing - dunbar and south london (beddington) progressing to budget . Water business outperforming regulatory contract, on track to deliver a net odi reward for 2016/17, and a cumulative net odi reward for performance to date ([7]) . Return on regulated equity at 11.7 pct, unique watershare mechanism benefiting customers . H1 revenue at £685.5m versus £689.1m, down 0.5 pct . H1 profit before tax at £128.1m, +19.9 pct . H1 underlying pat at £97.4m up 14.7 pct . H1 operating profit at £153.9m up 13.7 pct.  Full Article

UPDATE 2-UK water companies promise less leakage, tighter pricing

Sept 3 Thames Water and three other top UK water companies announced business plans on Monday aimed at reducing leakages and improving service while controlling prices after their performance was questioned during the country's hottest summer in decades.