Pennon profits rise on recycling

BRITISH water and sewerage services company Pennon Group reported a better-than-expected pre-tax profits for the first half helped by strong growth at its waste management unit Viridor.

Waste management, recycling and renewable energy company Viridor now accounts for a third of total group profits.

First-half total pre-tax profits rose 12 per cent to £107.4m, higher than estimates of £105.7m, according to a company-supplied poll.

April-September revenue rose 8.3 per cent to £642.6m.