Business
Pennon Group Half Year Results 2017/18
Pennon Group Half Year Results 2017/18.
About this update from Pennon Group Plc
[{"type":"text","content":"\n \nRNS Number : 7900X Pennon Group PLC 29 November 2017 \n \n\n29 November 2017\n Half Year Results 2017/18\nfor the half year ended 30 September 2017\n \nDelivering for our customers and communities\n \nChris Loughlin, Pennon Chief Executive said: \n\"Pennon has delivered robust performance in the first half of 2017/18 across both water and waste activities. Our priority continues to be to provide an outstanding level of service to our customers and communities, while offering a sector-leading dividend policy for our shareholders. In water, our focus on cost savings means bills are lower now than they were 8 years ago, whilst at the same time we are continuing to invest significantly in our plants and distribution network. This means we have delivered significant improvements in clean water and bathing water quality and our leakage levels have halved since privatisation. Good progress is being made to bring Viridor's remaining four energy recovery facilities in the portfolio on stream, with three in commissioning in 2017/18 and the final facility under construction. The expansion of Viridor's Energy Recovery Facility portfolio will support Pennon's earnings growth to 2020 and beyond.\"\nFinancial Highlights \n\n\n\n\nUnderlying1\n\n\nH1 2017/18\n\n\nH1 2016/17\n\n\nChange\n\n\n\n\nRevenue\n\n\n£723.9m\n\n\n£685.5m\n\n\n+5.6%\n\n\n\n\nEBITDA\n\n\n£253.5m\n\n\n£245.4m\n\n\n+3.3%\n\n\n\n\nAdjusted EBITDA2\n\n\n£285.8m\n\n\n£277.2m\n\n\n+3.1%\n\n\n\n\nOperating Profit \n\n\n£162.4m\n\n\n£153.9m\n\n\n+5.5%\n\n\n\n\nProfit Before Tax (PBT)\n\n\n£131.1m\n\n\n£128.1m\n\n\n+2.3%\n\n\n\n\nNon-underlying items before tax3\n\n\n(£1.3m)\n\n\n(£25.7m)\n\n\n-\n\n\n\n\nStatutory Profit Before Tax\n\n\n£129.8m\n\n\n£102.4m\n\n\n+26.8%\n\n\n\n\nTax\n\n\n(£17.5m)\n\n\n(£13.3m)\n\n\n(31.6%)\n\n\n\n\nStatutory Profit After Tax (PAT)\n\n\n£112.3m\n\n\n£89.1m\n\n\n+26.0%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nEarnings per share4\n\n\n25.3p\n\n\n23.6p\n\n\n+7.2%\n\n\n\n\nStatutory Earnings per share\n\n\n21.8p\n\n\n17.7p\n\n\n+23.2%\n\n\n\n\nDividend per share5\n\n\n11.97p\n\n\n11.09p\n\n\n+7.9%\n\n\n\n\n \n\n· Underlying PBT up +2.3% following:\no higher Water revenues driven by customer demand\no final Bournemouth Water integration phase complete, £12 million synergies delivered in 18 months, wi...