Pennon Group PLC has published its full-year financial results for 2024/25. The results appear to reflect what Group Chief Executive Officer, Susan Davy, calls a “demanding year”.
The group reported a statutory pre-tax loss of £72.7 million, compared to a £9.1 million loss in 2023/24. The downturn was assisted by the £16m costs associated with the Brixham water contamination incident and a further £16 million on restructuring expenses aimed at enhancing operational efficiency.
Despite these setbacks, underlying revenue increased to £1.05 billion from £907.8 million in the previous year.
Susan Davy, Group Chief Executive Officer, commented:
“Pennon has delivered a resilient operational performance during a demanding year, while building a robust platform for the future. We have reshaped and reset the cost base, delivered record levels of capital investment and – following a successful rights issue – maintained a strong balance sheet.
“We are listening to our customers, who are quite rightly demanding water companies to do more for customers today and to step up investment for the future. We are doing both.
“We have worked diligently to help customers use less water and save more money with a range of campaigns and pilots. At the same time, our record year for investment has improved services that matter most to our customers.
“Whilst this has impacted profitability this year, it has been the right thing to do.”
