Business
Full Year Results 2022/23
Full Year Results 2022/23.
About this update from Pennon Group Plc
[{"type":"text","content":"\n\n1 June 2023 \nFull Year Results 2022/23\nSusan Davy, Group Chief Executive, commented:\nThis has been an extraordinary year for Pennon in which extreme weather patterns have tested our operational resilience. At the same time, inflationary pressures have proven our financial resilience. We have been able to respond to both, with agility and pace, focusing on the things that matter right now, and tackling the biggest challenges head on. Whether it's the use of storm overflows, water resilience, the cost of living crisis or climate change, we are investing more than ever before. We are also investing for the future.\nIn a year in which the sector has been rightly challenged to clean up its act, we have delivered improvements in environmental performance, building on our sector leading 100% water quality for our 860 miles of coastline and on track to reduce our use of storm overflows by 50% by 2025. I am also clear that one pollution is one too many, and numbers are falling as we implement sustained change.\nWater is essential for life. As one of only two regions officially in drought, and with the hottest, driest, weather on record, we are investing to break through the drought cycle, deploying innovative solutions such as desalination, repurposing ex quarries and mines into mini reservoirs to create more capacity in Cornwall and Devon as and when it's needed, and empowering customers to use less and save money. \nAt Pennon, we believe that every customer should benefit from what we do especially in this cost of living crisis. With over £85 million customer benefits delivered, we have kept bills as low as possible, with below inflationary increases, considerably lower than the sector average of c.7%. We continue to focus on eradicating water poverty in our region, with many more customers benefiting from affordability and support tariffs. At the same time, more customers than ever before are shareholders in our Group, with our socially responsible business model, Watershare+, giving customers both a st...