Last checked at (Sharecast News) - Water group Pennon said on Tuesday that it was on track to deliver "resilient financial results" in line with management expectations.
Pennon stated that during the second half of the trading year it had seen a net increase in demand and associated revenues, with increased household demand more than offsetting a decline in non-household demand driven by Covid-19 related restrictions.
Operational costs increased in line with the higher levels of demand but cash collections also remained "robust" throughout the year, with Pennon's expected credit loss assumptions, made at the outset of the Covid-19 pandemic, remaining largely intact.
The FTSE 250-listed firm highlighted that South West Water continued to deliver a "strong operational performance", achieving its committed target for supply interruptions two years ahead of plan. In the group's waste unit, it was also ahead of target for both internal and external sewer flooding.
As of 0845 GMT, Pennon shares were down 2.94% at 963.80p.
22 Dec 2021 10:14
Pennon to make proposal to CMA after Bristol Water merger review
(Sharecast News) - Pennon Group updated the market on the Competition and Markets Authority's phase one review of the merger of Bristol Water with its South West Water division on Wednesday, after the regulator confirmed its intention to pursue a phase two merger review unless acceptable undertakings were put forward by Pennon.
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