Pennon cleans up with improved sales and profits
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Water and waste management specialist Pennon (LON:PNN) saw its shares rise by 5.29% to 768p as pre-tax profits climbed 3.5% to £258.8 million for the year ended 31st March. Revenues edged up by 2.9% to £1.39 billion on the back of increased tariffs and higher demand at South West Water.
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Management said that they had identified cost savings targets worth around £17 million for 2019 and had already implemented schemes to save £13 million of this. They also identified energy recovery services as being one of the firm’s key avenues for growth, with CEO Chris Loughlin saying that: “the expansion of Viridor’s portfolio will support Pennon’s earnings growth to 2020 and beyond”.
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