Pennon Group H1 Underlying Profit Before Tax Rises; Revenue Up 21.8%

Pennon Group PLC (PNN.L) said its first half results were in line with management expectations. The Group recorded growth of 21.8% in underlying revenue, with Bristol Water contributing 41.6 million pounds.

First half underlying profit before tax was 90.4 million pounds, up 4.3% from prior year. Basic adjusted earnings per share from continuing operations before exceptional items and deferred tax was 30.6 pence compared to 26.8 pence.

Profit before tax increased to 79.9 million pounds from 61.9 million pounds. Loss per share was 6.3 pence compared to profit of 12.0 pence.

Revenue was 389.3 million pounds compared to 319.7 million pounds, previous year. Organically, underlying revenues were up 8.8%.

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