Pennon forecasts interim totex outperformance at South West

Water and waste group Pennon has issued a trading statement reporting its South West Water subsidiary as continuing to produce a “strong operational and financial performance, with a focus on efficiency and customer service,” along with “ongoing total expenditure outperformance.”

In the statement released ahead of its results for the half year ending 30 September 2018, Pennon said: “Revenue from increased customer demand is expected to broadly offset the operational cost of delivery.”

A customer experience survey gave South West a high score according to Pennon and the half year included its 22nd consecutive summer with no water restrictions despite “unprecedented demand”. Group return on regulated equity was “enhanced” the company said and “on track for continued outperformance.”

The full results for the half year are scheduled to be announced on 27 November 2018.