LONDON (dpa-AFX) - Pennon Group Plc (PNN.L), a water utility company, on Wednesday reported lower earnings before tax for the first half of the year. However, underlying revenue increased by 5.4 percent.
Half yearly profit before tax dropped 84.7 percent to 3.2 million pounds from 20.9 million pounds for the same period last year.
After tax, earnings fell 90.3 percent to 1.8 million pounds or 0.5 pence per share from 18.5 million pounds or 7 pence per share in the previous year.
Excluding items, profit before tax decreased 59.6 percent to 9.1 million pounds from 22.5 million pounds of the prior year, on higher inflation driven costs.
Adjusted earnings per share fell 54.4 percent to 3.6 pence from 7.9 pence from last year.
Adjusted revenue, however increased to 448.6 million pounds from 425.5 million pounds in the previous year driven by inflationary tariff increases.
Additionally, the company declared an interim dividend of 14.14 pence per share higher by 8.3 percent from last year's 12.96 pence per share. The dividend will be paid on April 5, 2024 to shareholders of record on January 26, 2024.
On Tuesday, Pennon shares closed at 746.50 pence, down 1.32% on the London Stock Exchange.
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