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Pennon rebases dividend for post-Viridor era

The group intends to increase its annual payout by 2 per cent above CPIH over the next five years, which is more generous than peers
Pennon rebases dividend for post-Viridor era

Having struck an agreement to sell its waste management business, Viridor, to private equity group Kohlberg Kravis Roberts, Pennon (PNN) will soon focus solely on its regulated water activities. In the year to 31 March, cash profits (Ebitda) from what will be the continuing group remained flat at £365m. Wetter weather reduced demand in the household-facing South West Water, offsetting higher retail revenues from the business-focused Water Services division.

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