Pennon Group – A Busy Summer Ahead

Pennon Group – A Busy Summer Ahead
<a href=”https://pixabay.com/users/stevepb/”>stevepb</a> / Pixabay

  • Pennon Group plc (LON:PNN) (OTCMKTS:PEGRF) today released a trading update showing the group is on track to meet expectations for the current year to Mar 31st.

.first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; }

Get The Full Series in PDF

Get the entire 10-part series on Charlie Munger in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues.

Q4 2020 hedge fund letters, conferences and more

  • The group sees real returns on regulated equity doubling from their base level of 3.9%.
  • Customer bad debts caused by the pandemic have not worsened beyond earlier expectations.
  • So far, the group has used proceeds from the £3.7bn disposal of Viridor to reduce debts, leaving Pennon with significant financial firepower.

Pennon Group Fails To Clarify How It Will Reinvest Viridor Proceeds

Commenting on the statement, Steve Clayton manager of the HL Select UK Income Shares fund, which holds Pennon Shares said:

“Today’s statement is reassuring but necessarily fails to provide full clarity on how Pennon will go about reinvesting the Viridor proceeds. But it looks as though whilst Pennon have not signed a deal yet, they may be reaching for the pen. The group say that by their full year results on June 3rd they will either have announced a deal to acquire another UK water company, and Southern Water is the name most often linked here, or they will make a substantial return of capital to their investors.

ValueWalk’s April 2021 Hedge Fund Update: Andurand Capital, SPAC Boom And More

investWelcome to our latest issue of issue of ValueWalk’s hedge fund update. Below subscribers can find an excerpt in text and the full issue in PDF format. Please send us your feedback! Featuring Pierre Andurand’s Andurand Capital Management riding the commodity rally; a momumental year for large hedge funds; and the announcement of SPAC funds Read More

In an uncertain world, Pennon looks attractive. Either the most effective management team in the sector will get a major new set of assets to work with, or there will be an upfront cash return. Either way, Pennon looks set to have a busy summer ahead.”

The shares were little changed in early trading.


About Hargreaves Lansdown

1.5 million investors trust us with £120.6 billion (as at 31 December 2020), making us the UK’s largest direct-to-investor service.

.fb-background-color { background: !important; } .fb_iframe_widget_fluid_desktop iframe { width: 100% !important; }

Comments are closed.