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.
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The German bank repeated a ‘sell’ rating on the FTSE 100-listed firm and reduced its target to 115p from 135p, leading the shares to shed nearly 4% at 134.10p in late morning trading
For the six months to September 30, the FTSE 250-listed group reported a 2.7% increase in its statutory pre-tax profit to £133.6mln, up from £129.8mln a year earlier
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The day ahead includes full year results from Topps Tiles and Pets at Home along with interims from Quiz and Pennon
Ofwat’s Price Review 2019 is likely to limit how much extra money companies can earn through outcome delivery incentives, while AMP7 will likely require them to invest heavily into infrastructure
Builders and building materials
The FTSE 100 was set to break a losing streak, rising 58 points
The German bank's analysts said: “We now see the risk-reward trade-off for the stock as more balanced, with it trading roughly halfway between our RAB nationalisation bear case and a bull case where political risks fade"
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Aside from Next's latest update, the Day Ahead will also bring trading news from water and power supplier United Utilities and results from fizzy drinks maker AG Barr
Pennon said it has a strong liquidity and funding position, having secured £430mln of financing since the end of March
The UK blue-chip index lost almost 32 points at 7,458
The UK blue-chip index finished up over 72 points at 7,504, while the mid-cap FTSE 250 was also higher
Ofwat chief executive, Rachel Fletcher said: "Through the measures we've announced today, we are strengthening the incentive on companies to improve their performance for customers and cutting the rewards that come from financial engineerin
The bank said that while it had turned more positive on the sector in early April, an average 20% rally in prices since then meant there was now “a more balanced risk-reward trade-off”
For the year ended March 31, the FTSE 250-listed firm saw its pre-tax profit increase by 3.5% to £258.8mln as its revenue rose 2.9% to £1.39bn
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Both the US and UK are heading towards a three-day weekend and, to be honest, it kind of feels like the break has already begun...
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Friday is going to see utility companies front and centre with final results from SSE and Pennon Group, accompanied by the reread of the UK's first quarter GDP data
Investments and investor services
FTSE 100 reached a new record close on Monday after achieving it last time on Thursday
There's an argument to be made that BT would have been better off tapping the market three years ago when its shares were twice as high as they are now, rather than braving it out. John Harrington looks at the FTSE 350 to see whether there
In a note to clients, the bank said the sector has lost a quarter of its value over the last year as it was hit by regulatory and competitive pressures as well as concerns over political risk
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The day ahead includes the outcome of Melrose's hostile takeover bid for GKN and trading updates from SSE and RPC
Pennon said it is well-placed to respond to new price limits proposed by water regulator Ofwat
