Type Public Industry Water and waste Operating income Revenue 1.357 billion GBP (2015) | Traded as LSE: PNN Founded 1989 Headquarters Exeter, United Kingdom | |
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Key people Sir John Parker (Chairman), Susan Jane Davy (Group Director of Finance), Christopher Loughlin (Chief Executive), Ian James McAulay (Chief Executive) Stock price PNN (LON) 885.35 GBX -3.65 (-0.41%)24 Mar, 5:07 PM GMT - Disclaimer CEO Christopher Loughlin (1 Jan 2016–) Subsidiaries South West Water, Viridor, Echo South West Ltd. Profiles | ||
Pennon Group plc is a British water utility and waste management company based in Exeter, Devon in the United Kingdom. The company is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. 83% of the company's profits come from its subsidiary, South West Water.
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History
The company was founded in 1989 as South West Water plc at the time of the privatisation of the Water Industry in England. In 1993 it acquired Haul Waste and in 1995 it bought Blue Circle Waste Management. It changed its name to Pennon Group plc in 1998. By 2016, the company employed approximately 4,500 people, and provided water and sewerage to 1.7 million customers in South West England.
The company successfully saw off a takeover bid from Terra Firma in 2004. It acquired Thames Waste Management in 2004, Wyvern Waste in 2006, Grosvenor Waste Management and Skipaway Holdings in 2007 and Shore Recycling in 2008. In 2016, the group acquired Bournemouth Water in a deal worth £100 million, integrating the company with South West Water, but keeping the Bournemouth Water name.
Operations
The company's main asset is South West Water, which supplies water and sewerage services in Cornwall, Devon and parts of Dorset and Somerset. South West Water covers 83% of the group's profits. It also owns Viridor, a waste management business which includes 241 sites including 24 landfills. In 2016, the company announced that they would be closing some of their recycling sites as part of a £9 million cost saving exercise, which would lead to 5% job losses.