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Pennon to change dividend policy as concedes to regulator's controls
Regulator Ofwat has imposed the strictest price controls across the water industry seen since privatisation in 1989
Company
Pennon Group PLC
LON:PNN
Pennon is one of the largest environmental infrastructure groups in the UK. At the top end of the FTSE 250, the Group has assets of around £5.7 billion and a workforce of over 4,800 people.
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Pennon to sell Viridor waste management business - reports
US private equity firm KKR made a £4bn bid a year ago to no avail, while now Morgan Stanley and Barclays have been appointed to manage the sale
Archive
Pennon shares boosted by “robust” interims and lifted dividend
Chief executive Chris Loughlin highlighted that the South West Water business remains “underpinned by strong cost control” and the Viridor waste water and recycling unit has continued to provide “sustainable growth”.
Pennon launches strategy review, trading “on track”
The water sector has been under pressure following stricter financing requirements and proposals for renationalisation
Archive
FTSE 100 closes higher as pound pressure continues to boost blue-chips
The UK blue-chip index ended 75.13 points higher at 7,426.21; over the week as a whole it added 1.11%
Archive
London-listed water firms could be at risk of losing their dividend perk
A new package of regulations from Ofwat will force water companies to maintain ringfenced cash balances, even if it means cutting investor pay outs
Archive
Pennon profits rise as strong performance from waste recycling unit offsets higher costs at South West Water
For the 12 months ended March 31, the FTSE 250-listed firm reported an 8.3% rise in underlying pre-tax profit to £280.2mln, up from £258.8mln a year earlier
Investments and investor services
FTSE 100 regains ground at the close
The FTSE 100 closed 32.86 points higher at 7,218.16 on Thursday, just easing off its late afternoon high of 7,235
Archive
Johnson Matthey's final results provide a step up in class for Thursday's corporate diary
The Day Ahead will also bring updates from two FTSE 250-listed firms, transport operator FirstGroup and water utility Pennon, plus numbers from newspapers group Daily Mail
Archive
Enjoy the UK bank holiday, because there will be little else to get excited about in the coming week
The shortened trading Week Ahead will only bring updates from the likes of second-liners FirstGroup, Pennon, Wizz Air, and Daily Mail & General Trust
Archive
United Utilities and Intertek Group to be in focus on a busy Thursday
United Utilities, Intertek, Mitchells & Butlers, TalkTalk Group, and Tate & Lyle are all in the schedule for Thursday.
Investments and investor services
FTSE 100 closes higher as trade tensions ease
The UK's premier shares index closed up around ten points at 7,320
Archive
Severn Trent to kick off water sector updates on Tuesday; retailers also in focus
The Day Ahead will bring trading updates from the likes of stores groups Halfords, Topps Tiles, and WH Smith
Archive
Deutsche Bank waters down targets for United Utilities, Severn Trent and Pennon
Its analysts also trim forecasts as they believe that a cut to allowed regulatory returns is likely and incentive packages are “tougher than expected”
Archive
JPMorgan Cazenove pulls the plug on both Severn Trent and Pennon in a cautious water sector review
The US bank’s analysts downgraded ratings for both blue-chip Severn Trent and its mid-cap peer Pennon to ‘neutral’ from ‘overweight’ and reduced their target for United Utilities
Archive
Pennon says will take a £16mln hit due to financial problems at collapsed infrastructure partner Interserve
The water provider said it "is seeking further clarification" on Interserve's situation, following its move into pre-pack administration earlier this month, meaning the provision could increase.
Investments and investor services
FTSE 100 closes lower as Brexit fears permeate markets
The UK's premier share index closed down around 30 points at 7,177
Archive
FTSE 100 closes higher with gains across all major sectors
The UK index of leading shares finished over 107 points ahead at 6,941, while the FTSE 250 also closed strongly
Archive
Fed statement to take centre stage on Wednesday
Not much is expected in the way of rate changes from the Fed, so the press conference from chair Jerome Powell will be holding most of the attention
Centrica shares knocked as Deutsche Bank cuts target price for British Gas owner in review of European utilities
The German bank repeated a ‘sell’ rating on the FTSE 100-listed firm and reduced its target to 115p from 135p, leading the shares to shed nearly 4% at 134.10p in late morning trading
Archive
Pennon Group posts solid first half performance, says on track to meet full-year expectation
For the six months to September 30, the FTSE 250-listed group reported a 2.7% increase in its statutory pre-tax profit to £133.6mln, up from £129.8mln a year earlier
Archive
Troubled retail sector in focus as Quiz, Topps Tiles and Pets at Home report latest results
The day ahead includes full year results from Topps Tiles and Pets at Home along with interims from Quiz and Pennon
Archive
RBC Capital slashes forecasts for water companies on upcoming regulatory changes
Ofwat’s Price Review 2019 is likely to limit how much extra money companies can earn through outcome delivery incentives, while AMP7 will likely require them to invest heavily into infrastructure
Builders and building materials
FTSE 100 sticks on firm ground as US stocks bounce higher on Cyber Monday
The FTSE 100 was set to break a losing streak, rising 58 points
Archive
Deutsche Bank pulls plug on Pennon shares, downgrading rating to ‘hold’ from ‘buy’
The German bank's analysts said: “We now see the risk-reward trade-off for the stock as more balanced, with it trading roughly halfway between our RAB nationalisation bear case and a bull case where political risks fade"
Archive
Summer sun hoped to have shone on Next interims, but will full-year guidance still be maintained?
Aside from Next's latest update, the Day Ahead will also bring trading news from water and power supplier United Utilities and results from fizzy drinks maker AG Barr
Archive
Pennon Group maintains full-year expectations as hot weather boosts water demand
Pennon said it has a strong liquidity and funding position, having secured £430mln of financing since the end of March
FTSE 100 closes in the red as trade tariffs kick in
The UK blue-chip index lost almost 32 points at 7,458
FTSE 100 sails higher, bolstered by stumbling sterling
The UK blue-chip index finished up over 72 points at 7,504, while the mid-cap FTSE 250 was also higher
Archive
Water companies bob higher in spite of move by water regulator to change 2019 price review methodology
Ofwat chief executive, Rachel Fletcher said: "Through the measures we've announced today, we are strengthening the incentive on companies to improve their performance for customers and cutting the rewards that come from financial engineerin
Archive
Deutsche Bank puts utilities in crosshairs; downgrades United Utilities amid target price changes
The bank said that while it had turned more positive on the sector in early April, an average 20% rally in prices since then meant there was now “a more balanced risk-reward trade-off”
Archive
Pennon sees full-year profit, dividend rise, positive on outlook for water and waste
For the year ended March 31, the FTSE 250-listed firm saw its pre-tax profit increase by 3.5% to £258.8mln as its revenue rose 2.9% to £1.39bn
Archive
FTSE 100 closes higher but gives up gains; sterling hit on Brexit worries
Both the US and UK are heading towards a three-day weekend and, to be honest, it kind of feels like the break has already begun...
Archive
Utilities in the spotlight as SSE and Pennon Group to release final results
Friday is going to see utility companies front and centre with final results from SSE and Pennon Group, accompanied by the reread of the UK's first quarter GDP data
Investments and investor services
FTSE 100 propelled to new record close as pound weakens and Dow Jones breaches 25,000
FTSE 100 reached a new record close on Monday after achieving it last time on Thursday
BT Group is not the only blue-chip with a debt mountain and pension problems
There's an argument to be made that BT would have been better off tapping the market three years ago when its shares were twice as high as they are now, rather than braving it out. John Harrington looks at the FTSE 350 to see whether there
Archive
Deutsche Bank plays favourites in utilities as Pennon Group upgraded while target prices cut across the board
In a note to clients, the bank said the sector has lost a quarter of its value over the last year as it was hit by regulatory and competitive pressures as well as concerns over political risk
Archive
Time's almost up for GKN shareholders to vote on Melrose hostile takeover bid
The day ahead includes the outcome of Melrose's hostile takeover bid for GKN and trading updates from SSE and RPC
Archive
Pennon to be hit by higher costs resulting from contract dispute with Interserve
Pennon said it is well-placed to respond to new price limits proposed by water regulator Ofwat
FTSE 100 closes in red as pound firms but miners add support
Sterling added 0.01% against the Euro to 1.1434, while against the US dollar, it added 0.60% to 1.4232.
Archive
Utilities dominate week ahead with updates from Pennon, United Utilities and SSE
The week ahead includes trading updates from Pennon, United Utilities and SSE, along with interims from DFS Furniture and full year results from Moss Bros and AG Barr
Archive
UK water stocks Severn Trent and Pennon upgraded by JP Morgan
Severn Trent and Pennon are upgraded to ‘overweight’, though JP Morgan’s price targets were retained at 2,250p and 830p.
FTSE 100 finishes the week on a bright note after US jobs boost
The Footsie perked up after US jobs growth in February was way off the charts
Archive
Goldman Sachs cautious on big three UK water stocks, says upcoming regulatory review brings risks to returns
They said: “At the start of a regulatory review cycle, faced with the prospect of rising interest rates and risk from changes in political leadership, we believe that the UK water sector is poorly placed relative to the wider European oppor
FTSE 100 clocks up 50 point gain despite strength of sterling
The dollar's revival did not last long, and although a weak dollar is regarded as being detrimental to the FTSE, the top-shares index still managed a 50 point gain
Investments and investor services
Parallel Media and Physiomics lead small cap market gainers
Some of the biggest risers and fallers in London on Wednesday
Archive
Pennon negotiates reset to Greater Manchester waste contract as it reports first half profit growth
Pennon's first half revenue rose 5.6%, boosted by an increase in demand for water and a strong performance from its energy recovery facilities
Investments and investor services
FTSE 100 closes lower as pound firms amid Brexit bill breakthrough
London's blue-chip index closed the day lower but retailers and housebuilders did well, oh, and there was some Brexit news...
Archive
Pennon to reassure despite regulatory buffeting
Trading updates are expected from Pennon, Britvic, LondonMetric, Telford Homes and Brewin Dolphin.
FTSE 100 closes lower at 7,301 as pound eases against US dollar
FTSE 100 closed 9.35 lower at 7,301 and the FTSE 250 added over 49 points at 19,566
Archive
Marks & Spencer's chief needs good news on clothing
Analysts are worried clothing arm is relapsing in spite of vow to fix it by Steve Rowe
Mayan Energy's shares bounce after update on Shoats Creek project in Louisiana
A look at some of the biggest London-listed risers and fallers today
Will Smith & Nephew show a weaker than expected end to 2016?
Smith & Nephew PLC is due to release its final results on Thursday, meanwhile Ashmore Group, Thomas Cook and Tate & Lyle are also in the diary.
Archive
Week ahead: BP and Glaxo to continue trading trends for oil and drug giants
BP could please on Thursday as its recent quarterly updates have proved a little disappointing. GlaxoSmithKline will unveil its numbers Wednesday.
Centrica feeling the heat as Deutsche downgrades
Deutsche repeated its ‘buy’ advice on United Utilities, Severn Trent and Pennon, but turned bearish on Centrica
Archive
Pennon to splash out on new facility at Avonmouth
The group is on track to meet management expectations for the full year 2016/17
FTSE 100 closed firm but volumes thin
FTSE 100 shares managed to recover enough to close Friday firmer but volumes were held back by the half-day trading in New York following Thanksgiving holiday on Thursday
Day ahead - Pennon Group turns on results tap
What's in store on Friday November 24? Pennon has results
Chancellor's Autumn Statement is time for fiscal re-set
The new chancellor of the exchequer gets to set out his stall
PREVIEW: Will Dechra Pharmaceuticals live up to heightened expectations?
Dechra Pharmaceuticals, housebuilders Berkeley and Barratt, Halfords, Dixons Carphone, and JD Whetherspoon are on the agenda.
Pennon set to provide interest in quiet end to week
South West Water owner Pennon was due to hold its annual meeting on Friday
Archive
JP Morgan Cazenove taps into Severn Trent's upside potential
Analyst Christopher Laybutt has repeated an 'overweight' stance and turned up the target price to 2,250p from 2,160p previously.
Thursday's agenda: Rio Tinto to lift mining spirits
Broker UBS expects the numbers to be a "small positive catalyst" to the miner
Week ahead, including Randgold Resources, Thomas Cook, ARM and Rolls
A look at next week's agenda, and there are some big names reporting...
Week ahead, including Randgold Resources, Thomas Cook, ARM and Rolls
A look at next week's agenda, and there are some big names reporting...
Week ahead, including Randgold Resources, Thomas Cook, ARM and Rolls
A look at next week's agenda, and there are some big names reporting...
Week ahead, including Randgold Resources, Thomas Cook, ARM and Rolls
A look at next week's agenda, and there are some big names reporting...
FTSE100 pares losses though miners still weigh
The FTSE100 dipped 12 points at to 6,381 while over in the US the Dow Jones is poised to start lower on a half-day for the markets.
Investments and investor services
Risers & Fallers: Patisserie Holdings, Orogen Gold, Zoopla and more...
Below are the main news-driven share price movements at 3.30pm.
Friday's agenda: Patisserie to keep investors sweet with divi
A quiet day is in prospect, especially with no guide from the US – closed on Thursday for Thanksgiving Day – to guide the markets.
Week ahead: Osborne looks for spending cuts after Lords tax credit rejection
Kingfisher and Cineworld will catch the eye but George Osborne will be the headline maker next week
The good, the bad and the homely in the gold sector
Jefferies has initiated coverage on Acacia, Polymetal and Randgold, and the implication is that the sector is a mixed bag.
Archive
Broker spotlight, including Supermarkets, Premier Foods and Hummingbird Resources
City firm Investec reckons Premier Foods (LON:PFD) is tasty and has upgraded the share to 'buy' from 'hold'. It also punts up the target price a tad - to 51p from 47p each.