Pennon Group 2018 interim results
Underlying PBT up +2.3% following:
o higher Water revenues driven by customer demand
o final Bournemouth Water integration phase complete, £12 million synergies delivered in 18 months, with £27 million cumulative expected to 2020
o growth at Viridor driven by strong performance from Energy Recovery Facilities (ERFs), availability at >90%6 for H1 2017/18
o continuing group efficiencies with £11 million p.a. of the c.£17 million p.a. expected from 2019 already secured
Strong operating cashflows, reflecting robust operational performance
Maintaining momentum with cumulative Return on Regulated Equity (RORE) at 11.8%7, unique WaterShare mechanism to share transparently the benefits of outperformance in period
Sustainable, low cost funding position underpinning continuing capital investment
Perpetual capital securities issuance delivering balance sheet flexibility
Statutory PBT up 26.8% to £129.8 million
Statutory earnings per share growth of +23.2% to 21.8p
Interim dividend per share +7.9% to 11.97p.
