Pennon Group PLC (LSE:PNN, OTC:PEGRY) declared a final dividend of 26.83p in its full-year results, taking the full-year payout to 38.53p, up 8.2% on last year.
The water company said revenue in the year to the end of March underlying revenue rose 22.9% to £792.3mln from £644.6mln the year before.
Underlying profit before tax dipped 8.6% tio £143.5mln from £157.0mln the previous year.
Susan Davy, the group’s chief executive, described it as “another year of resilient performance”.
“At Pennon, we believe every customer should benefit from what we do. That's why in February, we announced average bills in the South West would fall, lower now than 10 years ago, supporting the cost of living crisis,” Davy said.
“We've also announced plans to share an additional c.£20 million of outperformance with every household in the South West, part of our unique WaterShare+ scheme, putting customers in control, choosing either to take £20 off their bill or investing in shares in Pennon Group, building on the 1 in 16 households who have already done so, in 2020.
“At the same time, we're investing more where it matters most. With our largest ever environmental programme in 15 years, we are accelerating plans to make a step-change in river and sea health, building on our track record of 100% coastal bathing water quality, with WaterFit, delivering a tangible difference to communities and customers in the region over the next 3 years, and with no impact on bills,” she said.
Our full year results are published today – find out how we’re building momentum, executing our strategy and driving sustainable growth. All while supporting our customers and delivering the step change we all want for our rivers and seas: https://t.co/z7SHLh42IL
— pennongroup (@PennonGroup) May 31, 2022
Shares in Pennon were down 1.6% at 1,013p in mid-morning trading.