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Pennon Group FY20 Revenue Down, Says Performance In-line With View

Pennon Group plc (PNN.L), an environmental infrastructure group, Monday said its fiscal 2020 revenue has reduced, due to prolonged wet weather with 50% more rainfall and higher than long-term averages.

The company said its Group performance has been in line with management expectations.

In its update ahead of its results for the year ending March 31, the company said it is well positioned with strong funding and liquidity to weather current uncertainty related to the coronavirus or COVID-19 epidemic.

The company has about 1.6 billion of cash and committed facilities providing liquidity, with Pennon's £300 million perpetual capital security approaching the first call date in May 2020.

Operationally the business has performed well, ensuring minimal impact to customers at times of extreme wet and stormy weather.

The company on March 18 announced the sale of Viridor to Planets UK Bidco Limited, a newly formed company established by funds advised by Kohlberg Kravis Roberts & Co. L.P. for an enterprise value of 4.2 billion pounds. The transaction is expected to complete in Summer 2020.

Following the sale of Viridor, Pennon will focus on its sector-leading water and wastewater businesses and will continue to pursue growth within the UK water industry.

The company will announce its full-year results on June 4.

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