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Pennon takes £36m hit from Brixham water supply scandal
(Sharecast News) - Water utility company Pennon Group revealed on Monday that last year's Brixham water supply scandal had cost it roughly £36.0m in "reshaping and transformation" costs. Pennon was forced to add a "triple layer of protection" to its network after 17,000 households in South Devon had to boil drinking water after cryptosporidium was confirmed in the supply.
The FTSE 250-listed firm also said its financial performance for FY25 remained in line with internal expectations, with earnings broadly flat, with weakened customer demand and inflationary cost pressures partially offset by Pennon's reshaping and restructuring programme.
Pennon added that following the acceptance of Ofwat's final determination for South West Water and Sutton and East Surrey Water, it was now "well placed" for funding its record investment programme, having raised around £1.3bn in 2024/25 via rights issues, public bonds, private placements and other opportunities.
As of 1000 BST, Pennon shares were down 8.87% at 439.80p.
Reporting by Iain Gilbert at Sharecast.com
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