Pennon raises dividend on the back of robust first half of 2019
Summary
Read more: Compass Group shares sink as catering unit is undercooked Pennon’s profit rose 0.8 per cent in the half ending 30 September, up to £143.7m from £142.5m in the same period last year. As part of South West’s recently announced “new deal”, customers will be offered a financial stake in the utility, as well as the means to hold it to account over its policy direction. James Smith, fund manager at Premier Miton Investors, commented on the results: Read more: Water giants on collision course with Ofwat after ruling “Pennon remains a top quality pick in the UK utility space. The ongoing strategic review may possibly lead to a change in the group structure and this will be a key event to watch for in 2020.” “Pennon has maintained its positive momentum through the first half of 2019/20, delivering robust performance across our water and waste businesses. “We continue to deliver on our promises to customers, communities and shareholders as our strong operational performance and ongoing investments drive tangible, positive and sustainable results.”