UPDATE 2-Pennon buys Bristol Water for 425 mln pounds, to pay special dividend [Reuters]
PENNON GROUP PLC UNSP/ADR (PEGRY)
NASDAQ:AMEX Investor Relations:
pennon-group.co.uk/investor-information
Company Research
Source: Reuters
By Reuters Staff 2 Min Read (Adds comments from the statement, FY profit, details) June 3 (Reuters) - British water company Pennon Group has bought smaller peer Bristol Water for 425 million pounds ($601 million), calling the acquisition an attractive opportunity to expand the capabilities of its South West water unit. The company on Thursday also set a special dividend of 1.5 billion pounds for shareholders and announced a share buyback programme worth up to 400 million pounds. Shares of Pennon were up 4.2% at 1,113.5 pence in early trading. Pennon in March had said it would make a “substantial” return of capital to shareholders using proceeds from the 4.2-billion-pound sale of its unit Viridor. The company on Thursday posted a 14.2% fall in underlying profit before tax to 157 million pounds for the year ended March 31, as demand fell during COVID-19 lockdowns. The result was in line with its expectations. It also said its dividend base in 2021/22 should grow by 9% thanks to earning
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