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Pennon Group PLC (PNN)

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Tuesday 16 August, 2011

Pennon Group PLC

Interim Management Statement

RNS Number : 4080M
Pennon Group PLC
16 August 2011
 

16 August 2011

 

PENNON GROUP PLC

 

INTERIM MANAGEMENT STATEMENT

 

Financial performance at Pennon Group Plc since 31 March 2011 has been in line with management expectations. 

 

South West Water

 

Having successfully completed the K4 regulatory contract (2005 - 2010), South West Water has a solid platform in place for continued success during the current regulatory period (K5, 2010 - 2015). 

 

There have been no water restrictions in South West Water's area since 1996 and the company is pleased to confirm that, in spite of the dry spring, water restrictions in the region are highly unlikely this year.

 

Viridor

 

Viridor continues to perform well and remains confident of delivering full year growth in profit before tax. 

 

In line with Viridor's strategy of making infill acquisitions in key strategic areas, the company acquired a small recycling company in Cheshire for £1.7m in June. 

 

In July the company reached agreement with Devon County Council for the diversion and treatment of 60,000 tonnes of Devon's residual municipal waste through the financing, construction, and operation of a new Energy from Waste plant in Exeter. 

 

The company has also decided in principle to proceed with the financing, construction and operation of a 350,000 tonne Energy from Waste plant in Cardiff.   The new project will provide a robust and deliverable bid for Prosiect Gwrydd (Project Green), a South Wales local authority consortium residual waste procurement.

 

Group

 

Since 1 April South West Water Limited has signed a £65m facility with the European Investment Bank (EIB). This represents the first tranche of a £125m loan approved by the EIB for K5 funding. 

 

Further information on Pennon, South West Water and Viridor can be found on the

Group's website, www.pennon-group.co.uk

 

 

For further information, please contact:

 

Pennon:

David Dupont - Group Director of Finance                01392 443998

Jo Finely - Investor Relations Manager                      01392 443401

 

Finsbury:

James Murgatroyd                                                      0207 251 3801

 

 

Cautionary statement in respect of forward-looking statements

 

This Statement contains forward-looking statements relating to Pennon Group's operations, performance and financial position based on current expectations of, and assumptions and forecasts made by, Pennon Group management.  Words such as "aims", "anticipates", "believes", "continue", "could", "due", "estimates", "expects", "goal", "intends", "may", "plans", "projects", "remains", "seeks", "should", "targets", "will" and related and similar expressions as well as statements in the future tense identify forward-looking statements.  By their very nature forward-looking statements are inherently unpredictable, speculative and involve risk and uncertainty because they relate to events and depend on circumstances that will or will not occur in the future.  Various known and unknown risks, uncertainties and other factors could lead to substantial differences between the actual future results, financial situation, development or performance of the Group and those expressed or implied in this statement.  These risks, uncertainties and factors include, but are not limited to, changes in the economies and markets in which Pennon Group operates; changes in the regulatory and competition frameworks in which Pennon Group operates; the impact of legal or other proceedings against or which affect Pennon Group; and changes in interest and exchange rates.  Further details of Pennon Group's principal risks and uncertainties are set out in Pennon Group's 2011 Annual Report which can be viewed online at http://www.pennonannualreport2011.co.uk/   Undue reliance should not be placed on forward-looking statements which are made only as of the date of this Statement.  Nothing in this Statement should be construed as a profit forecast.  The Group accepts no obligation publicly to revise or update these forward-looking statements or adjust them as a result of new information or for future events or developments, except to the extent legally required.

                         

 

16 August 2011

 

 

End transmission

 

 

 


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