Pennon Group (PNN)

Sector:

Utilities

Index:

FTSE 250

601.00p
   
  • Change Today:
      1.50p
  • 52 Week High: 757.00p
  • 52 Week Low: 528.50p
  • Currency: UK Pounds
  • Shares Issued: 286.04m
  • Volume: 455,147
  • Market Cap: £1,719.12m
  • RiskGrade: 123
  • Beta: 1.16

Pennon sees lower customer demand as consumption falls

By Benjamin Chiou

Date: Thursday 26 Sep 2024

LONDON (ShareCast) - (Sharecast News) - FTSE 250-listed water and sewerage group Pennon said like-for-like revenues in the first half were impacted by lower customer demand, which is expected to continue through to the end of the financial year.
Pennon, whose main asset is South West Water but acquired Sutton and East Surrey (SES) Group this summer, said customer demand over the year to 31 March 2025 will be lower, offsetting increases in tariffs and customer numbers.

The company said decreased demand was a result of its 'Water is Precious' campaign, in which it urged customers to use water more efficiently and reduce overall consumption. As part of the campaign, Pennon paid customers with credits to their bill if they reduced consumption.

Pennon said its transformation programme to restructure the business continued in the first half, as its "put[s] in place the building blocks" for K8 regulatory period covering 2025 to 2030.

The company, which is targeting £86m in savings in K8, recognised £16m of one-off restructuring costs in the first half.

In addition to targeted incident responses in the first half - such as a water quality event in Brixham, Devon, where cryptosporidium was able to enter the clean water network - total capital expenditure came to £300m.

Full-year capex is expected to continue at the first-half run rate, reflecting preparation works for AMP8, including £75m of investment in storm overflows agreed with Ofwat, as well as investment in response to operational incidents such as Exmouth and Brixham, Pennon Power development costs and the full-year impact of SES investment.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Pennon Market Data

Currency UK Pounds
Share Price 601.00p
Change Today 1.50p
% Change 0.25 %
52 Week High 757.00p
52 Week Low 528.50p
Volume 455,147
Shares Issued 286.04m
Market Cap £1,719.12m
Beta 1.16
RiskGrade 123

Pennon Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
17.87% below the market average17.87% below the market average17.87% below the market average17.87% below the market average17.87% below the market average
Sector averageSector averageSector averageSector averageSector average
Price Trend
36.15% below the market average36.15% below the market average36.15% below the market average36.15% below the market average36.15% below the market average
71.43% below the sector average71.43% below the sector average71.43% below the sector average71.43% below the sector average71.43% below the sector average
Income Not Available
Growth
65.6% below the market average65.6% below the market average65.6% below the market average65.6% below the market average65.6% below the market average
66.67% below the sector average66.67% below the sector average66.67% below the sector average66.67% below the sector average66.67% below the sector average

What The Brokers Say

Strong Buy 2
Buy 2
Neutral 7
Sell 1
Strong Sell 0
Total 12
neutral
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Pennon Dividends

  Latest Previous
  Interim Final
Ex-Div 30-Jan-25 25-Jul-24
Paid 04-Apr-25 05-Sep-24
Amount 14.69p 30.33p

Trades for 03-Dec-2024

Time Volume / Share Price
11:31 1 @ 602.00p
11:31 16 @ 601.00p
11:31 251 @ 601.00p
11:31 1,300 @ 601.00p
11:17 29 @ 601.00p

Pennon Key Personnel

CEO Susan Davy
CFO Laura Flowerdew

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