The owner of South West Water has delivered a healthy increase in profits, driven by a strong performance at its waste recycling business. Pennon Group, a constituent of the FTSE 250, said yesterday that its pre-tax profits had risen by 8.3 per cent to £280.2 million on revenues 6.1 per cent higher at £1.48 billion in the year to the end of March. It put the increase down to profits before tax and other items at the waste recycling centre, Viridor, coming in 19.1 per cent ahead at £178.9 million. At South West Water, they were up only 1.7 per cent to £367.1 million. The group also added renationalisation to its risk factors yesterday, but gave no further detail.

Source: The Times May 30, 2019 23:09 UTC