Pennon posts 1.1pc profit fall

Suzie Neuwirth
BRITISH utility and waste management company Pennon yesterday announced a 1.1 per cent fall in pre-tax profits, due to a decline in its recycling arm Viridor.

The firm – which is one of only three listed UK water companies – said that South West Water profits had risen 7.5 per cent over the year to £152.1m, while Viridor profits had fallen 36.6 per cent to £36.5m.

“South West Water is continuing its strong performance against the 2010-2015 regulatory contract and is well placed to outperform its assumptions,” said chairman Ken Harvey.

“Trading in Viridor is significantly down on last year with declines in recycling and landfill more than outweighing continued growth in joint ventures.”