Business
Pennon Group Full Year Results 2015/16
Pennon Group Full Year Results 2015/16.
About this update from Pennon Group Plc
[{"type":"text","content":"\n \nRNS Number : 2061Z Pennon Group PLC 25 May 2016 \n \n\n25 May 2016\nFull Year Results 2015/16\nfor the year ended 31 March 2016\nDelivering for Customers and Shareholders\nChris Loughlin, Pennon Group Chief Executive said:\n\"2015/16 has been a transformative year for Pennon. The Group has delivered a strong performance, notwithstanding the financial impact of our commitment to keep South West Water customer bills below inflation to 2020. We have seen significant earnings growth driven by the build-out of Energy Recovery Facilities across the UK. Bournemouth Water has now been integrated into South West Water and the combined water business is outperforming its regulatory contract. This strong performance across the Group underpins our sector-leading dividend policy of 4% growth per annum above RPI inflation to 2020.\"\nFinancial Highlights\n· 2015/16 results in-line with management expectations \n· Profit Before Tax consistent with 2014/15 following South West Water revenue reset, but reflecting +44.9% growth in Energy Recovery Facilities (ERFs) EBITDA\n· Return on Regulated Equity at 11.7%, unique WaterShare mechanism benefiting customers\n· Sustainable, low cost funding position underpinning capital investment \n· Dividend per share +5.6% to 33.58p\n \n\n\n\n\nUnderlying([1])\n \n\n\n2015/16\n\n\n2014/15\n\n\nChange\n\n\n\n\nGroup Revenue\n\n\n£1,352.3m\n\n\n£1,357.2m\n\n\n(0.4%)\n\n\n\n\nGroup EBITDA\n\n\n£448.4m\n\n\n£411.0m\n\n\n+9.1%\n\n\n\n\nGroup Adjusted EBITDA ([2]) \n\n\n£508.4m\n\n\n£465.9m\n\n\n+9.1%\n\n\n\n\nGroup Operating Profit \n\n\n£261.8m\n\n\n£246.6m\n\n\n+6.2%\n\n\n\n\nGroup Profit Before Tax (PBT)\n\n\n£211.3m\n\n\n£210.7m\n\n\n+0.3%\n\n\n\n\nEarnings per share ([3])\n\n\n39.5p\n\n\n39.8p\n\n\n(0.8%)\n\n\n\n\nDividend per share\n\n\n33.58p\n\n\n31.80p\n\n\n+5.6%\n\n\n\n\nUnderlying PBT to Statutory Profit After Tax (PAT)\n\n\n\n\nNon-underlying Items (Profit Before Tax)\n\n\n(£5.0m)\n\n\n(£13.7m)\n\n\n+63.5%\n\n\n\n\nTax\n\n\n(£38.0m)\n\n\n(£54.7m)\n\n\n+30.5%\n\n\n\n\nPAT (attributable to holders of hybrid capital)\n\n\n(£16.2m)\n\n\n(£16.0m)\n\n\n(1.3%)\n\n\n\n\nPAT (attributable to shareholders)\n\n\n£152.1m\n\n\n£126.3m\n\n\n+20.4%\n \n\n\n\n\n \nOperational Highlights\n· Water business outperforming...