Pennon Group H1 Underlying Pretax Profit Declines; Underlying Revenue Up 9.3%

Pennon Group plc (PNN.L) reported underlying profit before tax of 22.5 million pounds for the half year ended 30 September 2022 compared to 90.4 million pounds, prior year. Adjusted EPS declined to 7.9 pence from 30.6 pence. The Group said the reduction reflects the near-term pressures on earnings from inflation driven power pricing and financing costs, net of other cost efficiencies, as flagged.

Profit before tax was 20.9 million pounds compared to 79.9 million pounds, last year. Profit per share was 6.9 pence compared to a loss of 6.3 pence. First half revenue was 425.5 million pounds, an increase of 9.3%.

For first half, the Board has declared an interim dividend of 12.96 pence, an increase of 10.8% on prior year. The interim dividend will be paid on 5 April 2023 to shareholders on the register on 27 January 2023.

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