Pennon Group Plc, owners of South West Water, said in an Interim Management Statement issued this morning that financial performance since 31 March 2010 had been in line with management expectations.
The company said that having successfully completed its AMP4 regulatory contract (2005 - 2010), South West Water had a solid platform in place for continued success during the next regulatory period AMP5, which runs from 2010 to 2015. There have been no water restrictions in South West Water's area since 1996 and the company has confirmed that, in spite of the dry summer, water restrictions in the region are highly unlikely this year.
Pennon Group’s waste division, Viridor is continuing to perform well in weak UK economic conditions and remains confident of delivering full year growth in profit before tax. The company tsaid that as previously flagged, market prices for brown energy remain significantly lower than the very high prices achieved last year, which will materially affect this year's power generation results. In June the company acquired three materials reclamation facilities in East Anglia and the South Midlands, were from Reconomy (Acquisition) Limited for a cash consideration of £23.8m.
In July 2010 South West Water issued a £150m 30 year bond with a coupon of 5.875%. The proceeds of the bond have been used to refinance existing indebtedness and provide pre-funding of its capital expenditure.
Pennon Group said that in addition, since 1st April had secured a further £175m of funding, including re-financing £75m of existing funding. Pennon Group shares were trading slightly down this morning at £5.91 per share following the statement publication.
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