Pennon reports higher H1 profit and dividend

(Sharecast News) - Pennon said sewage problems were reducing as the water company reported higher first-half profit and an increased dividend.
Pretax profit for the six months to the end of September rose 4.3% to £90.4m as revenue increased 22% to £389.3m. The interim dividend rose 4.9% to 11.7p.

The owner of South West Water said pollution incidents halved from a year earlier as it used technology to predict problems. There were 40% fewer sewer collapses, 40% fewer internal floods and 20% fewer external floods. Water companies have come under political pressure after beaches and rivers were flooded with raw sewage.

Susan Davy, chief executive, said: "We continue to pursue a relentless approach to improving operational performance through innovative solutions that drive efficiency. Our sector leading dividend policy recognises the ongoing loyalty of our shareholders."