Company
LON:PNN
Pennon is one of the largest environmental infrastructure groups in the UK. At the top end of the FTSE 250, the Group has assets of around £5.7 billion and a workforce of over 4,800 people.
181 stories · page 6 of 10
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After the shockingly big weekly jobless claims numbers in the past week, the non-farm payrolls report will broaden the picture around just how badly the American economy may suffer due to the coronavirus
Regulator Ofwat has imposed the strictest price controls across the water industry seen since privatisation in 1989
US private equity firm KKR made a £4bn bid a year ago to no avail, while now Morgan Stanley and Barclays have been appointed to manage the sale
Chief executive Chris Loughlin highlighted that the South West Water business remains “underpinned by strong cost control” and the Viridor waste water and recycling unit has continued to provide “sustainable growth”.
The water sector has been under pressure following stricter financing requirements and proposals for renationalisation
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The UK blue-chip index ended 75.13 points higher at 7,426.21; over the week as a whole it added 1.11%
A new package of regulations from Ofwat will force water companies to maintain ringfenced cash balances, even if it means cutting investor pay outs
For the 12 months ended March 31, the FTSE 250-listed firm reported an 8.3% rise in underlying pre-tax profit to £280.2mln, up from £258.8mln a year earlier
Investments and investor services
The FTSE 100 closed 32.86 points higher at 7,218.16 on Thursday, just easing off its late afternoon high of 7,235
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The Day Ahead will also bring updates from two FTSE 250-listed firms, transport operator FirstGroup and water utility Pennon, plus numbers from newspapers group Daily Mail
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The shortened trading Week Ahead will only bring updates from the likes of second-liners FirstGroup, Pennon, Wizz Air, and Daily Mail & General Trust
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United Utilities, Intertek, Mitchells & Butlers, TalkTalk Group, and Tate & Lyle are all in the schedule for Thursday.
Investments and investor services
The UK's premier shares index closed up around ten points at 7,320
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The Day Ahead will bring trading updates from the likes of stores groups Halfords, Topps Tiles, and WH Smith
Its analysts also trim forecasts as they believe that a cut to allowed regulatory returns is likely and incentive packages are “tougher than expected”
The US bank’s analysts downgraded ratings for both blue-chip Severn Trent and its mid-cap peer Pennon to ‘neutral’ from ‘overweight’ and reduced their target for United Utilities
The water provider said it "is seeking further clarification" on Interserve's situation, following its move into pre-pack administration earlier this month, meaning the provision could increase.
Investments and investor services
The UK's premier share index closed down around 30 points at 7,177
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The UK index of leading shares finished over 107 points ahead at 6,941, while the FTSE 250 also closed strongly
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Not much is expected in the way of rate changes from the Fed, so the press conference from chair Jerome Powell will be holding most of the attention
