Pennon Group PLC Pennon Group - Trading Statement (6398R)
25 September 2017 - 4:01PM
UK Regulatory
TIDMPNN
RNS Number : 6398R
Pennon Group PLC
25 September 2017
25 September 2017
PENNON GROUP PLC
Trading Statement
Pennon, one of the UK's largest environmental infrastructure
groups, is issuing the following update ahead of its results for
the half year ended 30 September 2017, which will be announced on
29 November 2017.
Pennon is on track to deliver in-line with management's
expectations across both its water and waste businesses.
Progress is being made on the final agreements relating to the
Greater Manchester PFI Contract. At Glasgow's Recycling and
Renewable Energy Centre (GRREC), the ERF remains on schedule to
enter final commissioning by the end of 2017.
On 11 September 2017, Pennon launched a tender offer for its
2013 6.75% hybrid alongside the issuance of a new 2017 hybrid.
GBP286 million has been redeemed through the tender offer, while
the remaining GBP14 million has been called. This process is
expected to complete in October 2017. The new 2017 GBP300 million
hybrid successfully completed on 22 September 2017 with an annual
coupon rate of 2.875% and a first call date of 22 May 2020.
Outlook
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.
Half Year Results - 29 November 2017
Pennon intends to announce its half year results for 2017/18 on
Wednesday 29 November 2017. Further information on Pennon, Viridor
and South West Water can be found on the Group's website,
www.pennon-group.co.uk
For further information, please contact:
Pennon: Susan Davy - Chief Financial Officer
Sarah Heald - Director of Corporate Affairs & Investor
Relations
01392 443 401
Finsbury: James Murgatroyd
Faeth Birch
0207 251 3801
Cautionary statement in respect of forward-looking
statements
Certain statements in this announcement are forward-looking
statements relating to the Group's operations, performance and
financial position based on current expectations of, and
assumptions and forecasts made by, management. They are subject to
a number of risks, uncertainties and other factors that could cause
actual results, performance or achievements of the Group to differ
materially from any outcomes or results expressed or implied by
such forward-looking statements. The Group's principal risks were
described in the 2017 Pennon Group Annual Report which can be
viewed online at www.pennon-group.co.uk/AR2017 Such forward looking
statements should therefore be construed in light of such risks,
uncertainties and other factors and undue reliance should not be
placed on them. They are made only as of the date of this
announcement and no representation, assurance, guarantee or
warranty is given in relation to them including as to their
accuracy, completeness, or the basis on which they are made. No
obligation is accepted to publicly revise or update these
forward-looking statements or adjust them as a result of new
information or for future events or developments, except to the
extent legally required. Nothing in this Statement should be
construed as a profit forecast.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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