Information  X 
Enter a valid email address

Pennon Group PLC (PNN)

  Print      Mail a friend       Annual reports

Wednesday 17 September, 2003

Pennon Group PLC

Trading Statement

Pennon Group PLC
17 September 2003

17 September 2003



Pennon Group Plc today reports on trading for the six months to 30 September
2003, prior to entering its close period, and confirms that trading to date
remains in line with market expectations.


On 29 August, South West Water Limited published a summary of its Draft Business
Plan.  This document is the most recent milestone of the 2004 Periodic Review
process set out by Ofwat, the economic regulator.  The Review, to be completed
by the end of 2004, will set water and sewerage prices for the period April 2005
to March 2010.  A summary of the Plan can be viewed on South West Water's
website (

South West Water remains on track to deliver its strategy of outperforming the
current regulatory contract.


Churngold Holdings Limited, a waste recycling and transfer business, was
acquired for £19.7 million in June 2003.  The acquisition was a natural
extension of the Group's strategy of expanding its waste management activities
through Viridor pursing profitable opportunities arising from the Government's
developing waste strategy.  Churngold has an excellent geographic and business
fit within Viridor's existing operations and the acquisition is expected to be
earnings enhancing before goodwill in the first full year, 2004/05.

Trading year to date has been strong and the Group remains confident of
delivering full year growth in operating profit before goodwill from Viridor

Pennon is scheduled to announce its interim results on Thursday, 27 November

For further information, please contact :


David Dupont - Group Director of Finance               01392 443381

Jo Finely - Investor Relations Manager                 01392 443401

Financial Dynamics

Andrew Dowler                                          020 7831 3113

End transmission

                      This information is provided by RNS
            The company news service from the London Stock Exchange