Pennon weighs M&A against boosting shareholder returns

Water utility Pennon (PNN) saw its adjusted pre-tax profit fall by 15 per cent year on year in the six months to 30 September, to £87m, due to lower tariffs in the new five-year regulatory period and demand from commercial customers dropping by a fifth. The group was spared a more severe blow from pandemic disruption as revenue was weighted towards residential customers, who increased their water usage as they spend more time at home.