Pennon is on track to deliver in-line with management's expectations across both its water and waste businesses.
Progress is being made on the final agreements relating to the Greater Manchester PFI Contract. At Glasgow's Recycling and Renewable Energy Centre (GRREC), the ERF remains on schedule to enter final commissioning by the end of 2017.
On 11 September 2017, Pennon launched a tender offer for its 2013 6.75% hybrid alongside the issuance of a new 2017 hybrid. £286 million has been redeemed through the tender offer, while the remaining £14 million has been called. This process is expected to complete in October 2017. The new 2017 £300 million hybrid successfully completed on 22 September 2017 with an annual coupon rate of 2.875% and a first call date of 22 May 2020.
Outlook
Pennon continues to deliver a robust underlying financial performance for 2017/18. With our clear strategy and strong balance sheet, Pennon is well-placed to continue to deliver for customers, communities and shareholders.
Half Year Results – 29 November 2017
Pennon intends to announce its half year results for 2017/18 on Wednesday 29 November 2017.