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Pennon opens the taps with £1.5bn special dividend

The water company has finally unveiled plans for the Viridor sale proceeds
Pennon opens the taps with £1.5bn special dividend
  • Pennon has purchased Bristol Water Group for £425m, announced a £1.5bn special dividend and £400m of share buybacks
  • As with peers Severn Trent and United Utilities, the dividend has been increased despite pressure from Covid-19 and lower allowed returns

Investors had been patiently waiting to see what Pennon (PNN) would do with the £3.7bn of cash proceeds from the sale of its waste management business Viridor. The water utility has now announced the acquisition of Bristol Water Group for £425m, a £1.5bn special dividend and a £400m share buyback programme.

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