Pennon lifts H1 pre-tax profit 13%

19th Nov 2009 07:27

Water firm Pennon Group reported a 13% rise in half year pre-tax profit and said its businesses are 'well positioned in the current economic slowdown.'In the six months ended 30 September pre-tax profit rose to £94.8m from £83.9m the same time a year earlier. Revenue rose by 6% to £535.5m.Chairman Ken Harvey said, "The Board's strategy remains clearly focused on its two businesses, South West Water and Viridor. Both businesses are well positioned in the current economic slowdown and the Group has a long-term funding structure to continue to finance its activities efficiently."Underlying profit before tax at South West Water was up 10.6% to £71.8m while profit at Viridor rose 14% to £22.8m.Group cash balances stood at £428m at 30 September.Pennon has recommended an interim dividend payment of 6.95p per share, up 3% from last time.