(MENAFN- ValueWalk) Pexels / Pixabay
- Pennon Group plc (LON:PNN), owner of South West Water, Bristol Water and Bournemouth Water, today released interim results showing strong growth in revenues, accompanied by improved environmental outcomes and a 4.9% increase in the interim dividend to shareholders.
- The shares reacted positively to the results, rising almost 1% in early trading, before succumbing to the broader weakness sweeping the stock market today.
Get The Full Series in PDF
Get the entire 10-part series on Charlie Munger in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues.
Q3 2021 hedge fund letters, conferences and more
Commenting on the results, Steve Clayton, manager of the HL Select funds said:
ValueWalk's December 2021 Hedge Fund Newsletter: Hedge Funds Avoid Distressed China Debt
Welcome to our latest issue of issue of ValueWalk's hedge fund update. Below subscribers can find an excerpt in text and the full issue in PDF format. Please send us your feedback! Featuring hedge funds avoiding distressed china debt, growth in crypto fund launches, and the adapting venture capital industry. Q3 2021 hedge fund letters, Read More
“These are a solid set of figures from Pennon today. Revenues have grown organically, further boosted by the addition of Bristol Water to the group. Encouragingly, Pennon say that Bristol Water is performing ahead of expectations. The group are claiming some impressive improvements in environmental performance, with a 100% clean waters outcomes for the regions bathing beaches and big reductions in flooding events. In a sign of things to come, Pennon highlight how the use of AI is helping them to identify where to make pre-emptive repairs, already driving sewer collapses down by 40% versus last year.
The group's financial performance is strong, with outperformance against regulatory targets accompanied by strong balance sheet management, that has driven the group's effective interest rate down to 2.9%. Pennon's strong management of the business has allowed it to set a best-in-class dividend policy of CPI+2% growth each year, reflected in almost 5% growth this year. With the scale of the regulated asset base set to grow significantly over the rest of the current regulatory price regime, the group look well set to continue making attractive dividend increases in the years ahead.”
About Hargreaves Lansdown
Over 1.67 million clients trust us with £138.0 billion (as at 30 September 2021), making us the UK's number one platform for private investors. More than 98% of client activity is done through our digital channels and over 600,000 access our mobile app each month.
Updated on Nov 30, 2021, 4:33 pm
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.