Trading statements: Pennon and United Utilities
Pennon is “on track to deliver in-line with management’s expectations across its water and waste businesses,” according to its latest trading statement.
The South West Water parent will publish its results for the half year ended 30 September 2017 on 29 November 2017. It said “Pennon continues to deliver a robust underlying financial performance for 2017/18. With our clear strategy and strong balance sheet, Pennon is well-placed to continue to deliver for customers, communities and shareholders.”Start writing your post here. You can insert images and videos by clicking on the icons above.
United Utilities has forecast group revenue for the first half of 2016-17 to be “just under 3% higher” than it reported ay the same stage last year.
In its latest trading statement the company said the anticipated figure reflected price increases offset by the accounting impact of its Water Plus business retail joint venture. United expected underlying operating profit for the first half of 2017/18 to be higher year on year . It is anticipated that infrastructure renewal expenditure in the first half of 2017/18 will be slightly lower than the first half of last year with an increase in the second half of 2017/18.
Increased RPI inflation has upped its index-linked debt and the firm reported expectations that the underlying net finance expense for the first half of 2017/18 will be some £30 million higher than the first half of last year. “As the company continues to invest in its asset base, we expect a small increase in group net debt at 30 September 2017 compared with the position at 31 March 2017,” the company said.