Business
Half Year Results 2023/24
Half Year Results 2023/24.
About this update from Pennon Group Plc
[{"type":"text","content":"\n\n29 November 2023 \nHalf Year Results 2023/24\nSusan Davy, Group Chief Executive, commented:\nPennon has continued to make progress in the last six months on delivering for customers and shareholders, improving operational resilience across the group through an 87% step up in investment, supported by a healthy balance sheet. We are executing on our twin track strategy of organic and acquisitive growth in UK water, creating long term value and making progress on what matters most to those across our regions.\nI am very clear that if we serve our customers well, we serve our shareholders well, which is why we are focused on improving environmental performance, keeping bills as low as possible, developing new water resources, and investing in renewable energy generation. This has helped us deliver a 100% bathing water quality assessment for the third year running and reduce serious pollution incidents this year, but we know there is more to do.\nOur twin track strategy of both organic and acquisitive growth in UK water ensures we continue to drive long term value, with the Bristol acquisition benefits on track, alongside a growing portfolio of complementary services delivered through our business to business retailers and growing renewable energy business. \nEveryone at Pennon and in our wider supply chain works relentlessly to make change happen and I want to thank all my colleagues for their contribution to these results. I also want to thank them in advance for what they are about to do, as we look ahead to 2030, creating 2,000 new jobs in the region and delivering a sustainable future for all.\n\nFINANCIAL PERFORMANCE\n\n\n\n\n \n\n\nH1 2023/24\n\n\nH1 2022/23\n\n\nChange\n\n\n\n\nUnderlying^ revenue\n\n\n£448.6m\n\n\n£425.5m\n\n\n+5.4%\n\n\n\n\nUnderlying profit before tax\n\n\n£9.1m\n\n\n£22.5m\n\n\n(59.6%)\n\n\n\n\nNon-underlying items before tax[1]\n\n\n(£5.9m)\n\n\n(£1.6m)\n\n\n-\n\n\n\n\nProfit after tax\n\n\n£1.8m\n\n\n£18.5m\n\n\n(90.3%)\n\n\n\n\nEarnings per share (EPS)\n\n\n\n\n\n\n\n\n\n\n\n\n\n· &n...