Business
Pennon Group Full Year Results 2016/17
Pennon Group Full Year Results 2016/17.
About this update from Pennon Group Plc
[{"type":"text","content":"\n \nRNS Number : 0435G Pennon Group PLC 24 May 2017 \n\n\n24 May 2017\n Full Year Results 2016/17\nfor the year ended 31 March 2017\n \nBuilding momentum, driving growth\n \nChris Loughlin, Pennon Chief Executive said: \n \"Pennon has delivered a strong performance in 2016/17 across its water and waste businesses. South West Water's Return on Regulated Equity continues to lead the sector while Viridor is growing through its Energy Recovery Facility portfolio, delivering EBITDA(1) of £107 million, ahead of our c.£100 million target.\nAcross the Group we are investing for growth while driving efficiency to keep costs low for the benefit of our customers. We have delivered savings of £129 million in total expenditure at South West Water since the beginning of the current regulatory period, cementing our commitment to reduce the real cost of water bills to 2020. \nWe believe Pennon is well positioned now and for the future and our performance underpins our long established sector-leading 10 year dividend policy of 4% growth per annum above RPI inflation out to 2020.\"\nFinancial Highlights\n\n\n\n\nUnderlying(2)\n\n\n2016/17\n\n\n2015/16\n\n\nChange\n\n\n\n\nRevenue\n\n\n£1,353.1m\n\n\n£1,352.3m\n\n\n+0.1%\n\n\n\n\nEBITDA\n\n\n£486.0m\n\n\n£448.4m\n\n\n+8.4%\n\n\n\n\nAdjusted EBITDA(3)\n\n\n£546.2m\n\n\n£508.4m\n\n\n+7.4%\n\n\n\n\nOperating Profit \n\n\n£304.6m\n\n\n£261.8m\n\n\n+16.3%\n\n\n\n\nProfit Before Tax (PBT)\n\n\n£250.0m\n\n\n£211.3m\n\n\n+18.3%\n\n\n\n\nNon-underlying items before tax(4)\n\n\n(£39.5m)\n\n\n(£5.0m)\n\n\n \n\n\n\n\nStatutory Profit Before Tax\n\n\n£210.5m\n\n\n£206.3m\n\n\n+2.0%\n\n\n\n\nTax\n\n\n(£30.0m)\n\n\n(£38.0m)\n\n\n+21.1%\n\n\n\n\nStatutory Profit After Tax (PAT)\n\n\n£180.5m\n\n\n£168.3m\n\n\n+7.2%\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\nEarnings per share(5)\n\n\n 47.0p\n\n\n39.5p\n\n\n+19.0%\n\n\n\n\nStatutory Earnings per share\n\n\n39.8p\n\n\n 37.0p\n\n\n+7.6%\n\n\n\n\nDividend per share(6)\n\n\n35.96p\n\n\n33.58p\n\n\n+7.1%\n\n\n\n\n \n\n\n\n\nPAT (attributable to holders of hybrid capital)\n\n\n£16.2m\n\n\n£16.2m\n\n\n-\n\n\n\n\nPAT (attributable to shareholders)\n\n\n£164.3m\n\n\n£152.1m\n\n\n+8.0%\n \n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\n· Underly...