Pennon Group said it has made a good start to 2016/17 delivering a strong performance across both water and waste, and is on track to meet management expectations for that period. "The portfolio of energy recovery facilities is performing in-line with expectations and remains on track to contribute the targeted c.£100m of EBITDA this year," said CEO Chris Loughlin. "South West Water continues to significantly outperform its regulatory contract and we anticipate achieving a sector-leading Return on Regulated Equity again this year," he said. "Our Shared Services Review, which will result in cost savings, supports our strategy of working more closely as a group. With this clear strategy and our strong balance sheet, Pennon is well-placed to continue to deliver for customers, communities and shareholders." HIGHLIGHTS: - Continued leading efficiency in water, driving an enhanced Return on Regulated Equity - ERFs on track to deliver targeted c.£100m of EBITDA in 2016/17 - Recycling 'self-help' delivering higher EBITDA year-on-year - On-going cost reduction plans progressing well and Shared Services Review nearing conclusion - Well-placed to continue to deliver for customers, communities and shareholders.
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