24th Sep 2018 08:23
LONDON (Alliance News) - Pennon Group PLC on Monday said it remains on track to meet management expectations for 2019 financial year due to a good performance in both its divisions.
The British water utility and waste management company said South West Water unit has continued to maintain its cost-savings momentum and is delivering strong operational and financial performance, with a focus on efficiency and customer service. The unit's revenue from increased customer demand is expected to broadly offset the operational cost of delivery.
South West Water submitted its business plan to Ofwat for the next five year period, covering 2020 to 2025, earlier in September and is awaiting the regulator's assessments by January 31, 2019.
The Viridor waste management business has seen improved recycling prices since the end of last financial year, in particular for paper, Pennon said. The unit is moving towards making higher-value products from recycling. Pennon said its recycling performance for the half year and full year remain in line with management expectations.
Pennon is slated to release its results for its financial half year ending September 30 on November 27.
The was trading 0.3% higher at 726.80 pence each on Monday morning.
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