'Blue planet effect' provides momentum for Pennon
Water utility and waste management group Pennon said full year underlying earnings rose 8.3%, driven by its waste recycling unit and greater awareness triggered by the BBC's 'Blue Planet' television series.
Underlying pretax profit at the South West Water owner, rose to £280.2m from £258.8m a year ago. Statutory pre-tax profits fell 1% to £260.3m.
Underlying earnings per share rose 13.6% to 57.8p. The dividend was lifted to 41.06p a share from 38.59p.
Pennon's waste recycling business Viridor received a boost from increased awareness of dumping single-use plastics into the planet's oceans and government policy following track.
Viridor earnings before interest, tax, depreciation and amortisation rose 19% to £179m.
"There was a partial recovery of global recycling markets in 2018/19 following import restrictions by China in the prior year, and we see ongoing value in high quality recyclate," the company said, adding that it would invest £65m in a new plastics recycling facility.
Extreme weather conditions in the UK hit results at the South West Water business, causing a high number of leaks and supply interruptions.