Pennon Group PLC Depositary Receipt (PEGRY)
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South West Water owner Pennon owner up 4% despite deep loss
FTSE 250-listed water firm Pennon Group PLC (LSE:PNN, OTC:PEGRY), which owns Devon and Cornwall supplier South West Water, is up 4% despite detailing an £18.6 million underlying loss before tax in the six months to 30 September. The loss is in sharp contrast to the £9.1 million underlying profit penned in last year's interim.
United Utilities higher after upgrade; Pennon rating cut
Shares in United Utilities Group PLC (LSE:UU.) were higher after RBC Capital shifted its preference in the UK water sector, upgrading the stock to “outperform”.
Pennon sets aside £16mln for Brixham water incident
South West Water-owner Pennon Group PLC (LSE:PNN, OTC:PEGRY) has set aside £16 million to address the cryptosporidium water quality incident that occurred in Brixham over the summer. The funds are intended to cover enhanced customer compensation, the provision of bottled water over an eight-week period and a series of interventions aimed at resolving the issue.
Pennon next in firing line over sewage discharges, suggests UBS
Pennon Group PLC's (LSE:PNN, OTC:PEGRY) trading statement will be overshadowed by the ongoing row over sewage discharges. “The storm overflow investigation on Thames Water/Yorkshire Water/Northumbrian Water has been released in August, and we think the outcome for Pennon could be the next,” said UBS.
Severn Trent, Pennon and other water utilities surge as government offers olive branch
Shares in water companies on the FTSE 350 rose on Thursday as bosses from the industry assembled to hear a friendlier than expected speech from new environment minister Steve Reed. Leaked headlines overnight revealed the government is proposing new laws to combat pollution that could see directors banned from receiving bonuses and even sent to prison.
Pennon warns non-payers are rising after Brixham incident
Pennon Group PLC (LSE:PNN, OTC:PEGRY) has warned it is seeing a rise in bill strikes or customers refusing to pay due to anger at levels of sewage dumping and river and sea pollution. The South West Water owner said in a bond prospectus that while it was not having a material impact on profits yet, it had noted a growing number of people withholding payments.
Thames Water teeters as debt downgrade to 'junk' by rating agency Moody's
Thames Water's credit rating has been double-downgraded by credit agency Moody's to 'junk' status, which raises the prospect of that the water company could breach the terms of its operating licence. With a £16.5 billion debt mountain to service, the move piles further pressure on the utility company, which was one of the four water firms cited yesterday by the UK Environment Agency for being responsible for over 90% of serious pollution incidents in the past year, Moody's lowered its rating two notches to Ba2, which is below investment grade, due to the water company's “weakening liquidity position” and the potential for debt covenants to be breached.
Pennon Group CFO steps down in wake of U.K. water company's contamination scandal
Pennon Group on Thursday said its chief financial officer, Steve Buck, will be stepping down after less than eight months in his position at the troubled British water company that in May apologized for infecting dozens of its customers with parasites.
Annual water bills to rise 21% by 2030, Ofwat declares
Water bills are expected to rise by £19 per year to fund investment into Britain's ageing infrastructure, Ofwat has declared. It means the average household water bill across the UK will increase from £441 to £535 by 2030, an increase of 21%.
Severn Trent, Pennon and UU braced for watchdog's pricing and dividend decision
Next Thursday, UK water companies will hear from the regulator how much they can raise prices over the next five years and what level of dividends they can pay. There are expectations that when it announces the ‘draft determination' for the UK water industry on 11 July, Ofwat wants to allow a handful of the most debt-laden utilities, like Thames Water, to pay lower potential fines for sewage dumping to allow time for them to “recover”.
Pennon boss banks 60% pay rise just weeks after Devon diarrhoea outbreak
Pennon has revealed that under-fire boss Susan Davy got a pay rise of almost 60% last year just weeks after the water group caused a major diarrhoea outbreak at the Devon town of Brixham. Davy's basic salary rose by 3.5% to £492,000 in the year to end March 2024, but on top of that, the chief executive received £298,000 from a long-term share scheme set up in 2021, taking the total to £860,000.
Pennon boss's salary to bring sewage into the election debate
Pennon's annual report next week comes just weeks after subsidiary South West Water apologised for a diarrhoea outbreak at the Devon fishing town of Brixham. Add in the repeated incidences of sewage dumping around some of Britain's most revered coastlines and inland waterways and how much boss Susan Davy is taking home in pay will be under close scrutiny.
