Pennon flush with profit

Waste and water company Pennon yesterday reported a pre-tax profit rise of 1.5 per cent to £188.5m for the first three months of the year and recommended a final dividend per share up 9.9 per cent to 17.15p. The company says it is well positioned in the current economic conditions with South West Water continuing to improve its operational performance while revenues from its waste management segment Viridor soared by 13.6 per cent.