Water group Pennon said its overall financial performance since 30 September 2011 remains on track to meet management expectations after progress across all of its divisions.
South West Water continued its strong performance against the 2010-2015 (K5) regulatory contract, with capital investment up significantly from the previous year.
Viridor remains well positioned but full year profits are expected to be a little below those of last year after it experienced a reduction in recyclate prices over the winter months while a higher level of activity year to date led to an increase in bid costs.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Since October 2011 Viridor has secured a long-term pipeline of projects in Glasgow, Oxford and London. South West Water has recently signed a £60m facility with the European Investment Bank (EIB). This represents the second part of a £125m loan approved by the EIB towards K5 funding.
South West Water has also signed an additional £40m revolving credit facility and £140m of finance lease facilities, Pennon explained.
-
What does Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
-
Will China thrive during the Year of the Snake - or will Trump’s tariffs bite?As the Chinese lunar new year begins, investors will be wondering whether allocating to the world’s second-largest economy will “rattle” up some big returns, or whether Trump’s tariffs will take a “venomous bite” out of investment performance
