Pennon Group Full-year Profit Declines

British water utility company Pennon Group PLC (PNN) on Tuesday said its underlying profit before tax for the full year decreased 8.6% to 143.5 million pounds from 157 million pounds last year, hurt by higher interest charges on index-linked debt caused by inflation.

Excluding one-time items, non-underlying profit before tax was 127.7 million pounds compared with 132.1 million pounds a year ago.

Profit for the year declined to 15.4 million pounds or 4.9p per share from 1.762 billion pounds or 416.9p per share last year.

Adjusted earnings for the year decreased to 138.3 million pounds or 44.1p per share from 177.3 million pounds or 41.9p per share prior year.

Underlying revenue for the year increased 22.9% to 792.3 million pounds from 644.6 million pounds in the previous year.

Looking forward, the company said its expects earnings to be impacted in the near term by high inflation, in particular from higher interest and power costs.

Additionally, the Board has recommended a final dividend of 26.83 pence per share for the year to be paid on September 5 to shareholders of record on July 22.

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