Pennon Group

PNN · Main Market · Utilities · mcap £1,684m · 323.0p

Beta Briefing, track record and signals & risks are not ready for Pennon Group yet.

We follow 964 UK small caps and every one of their announcements – often hundreds per company. 71 companies are already wired into a briefing: browse them.

Financials · balance sheet 31 Mar 26 · last twelve months · today’s market value

Source: results 10 Jun 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £1,524m
Owner’s net cash: −£4,564m
Net cash / market cap: -299%
EV ex leases: £6,090m
Revenue: £1,291m
Operating profit: £304.8m
Free cash flow after leases: −£324.1m
EV / EBIT: 20.0×
FCF yield: -21.3%
Price / tangible book: 1.31×
Net income (owners): £91.5m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: FY Mar 26 (twelve months to 31 Mar 26), published 10 Jun 26 · read the results ↗

Source ↗

	Before non-underlying items 2026 £m	Non-underlying items 2026 £m	Total 2026 £m	Before non-underlying items 2025 £m	Non-underlying items 2025 £m	Total 2025 £m
Revenue	1,291.4	-	1,291.4	1,047.8	-	1,047.8
Operating costs
Employment costs	(131.3)	(4.8)	(136.1)	(151.1)	(11.7)	(162.8)
Raw materials and consumables used	(40.0)	-	(40.0)	(51.7)	(0.2)	(51.9)
Other operating expenses	(581.4)	(15.9)	(597.3)	(499.7)	(25.7)	(525.4)
Financial assets impairment	(19.5)	-	(19.5)	(9.7)	-	(9.7)
Earnings before interest, tax, depreciation and amortisation	519.2	(20.7)	498.5	335.6	(37.6)	298.0
Depreciation and amortisation and impairment	(193.7)	-	(193.7)	(187.1)	-	(187.1)
Operating profit/(loss)	325.5	(20.7)	304.8	148.5	(37.6)	110.9
Finance income	21.9	-	21.9	15.0	-	15.0
Finance costs	(213.3)	-	(213.3)	(199.4)	-	(199.4)
Net finance costs	(191.4)	-	(191.4)	(184.4)	-	(184.4)
Share of post-tax profit from associated companies	1.0	-	1.0	0.8	-	0.8
Profit/(loss) before tax	135.1	(20.7)	114.4	(35.1)	(37.6)	(72.7)
Taxation (charge)/credit	(25.9)	4.1	(21.8)	7.0	8.9	15.9
Profit/(loss) for the year	109.2	(16.6)	92.6	(28.1)	(28.7)	(56.8)
Attributable to
Ordinary shareholders of the parent	–	–	91.5	–	–	(57.9)
Non-controlling interests	–	–	1.1	–	–	1.0
Earnings per ordinary share
(pence per share)
• Basic	–	–	19.4	–	–	(16.1)
• Diluted	–	–	19.3	–	–	(16.1)

Source ↗

	2026 £m	2025 £m
ASSETS
Non-current assets
Goodwill	179.9	179.9
Other intangible assets	67.5	62.2
Property, plant and equipment	6,297.5	5,841.5
Investment properties	6.3	7.9
Other non-current assets	7.1	8.7
Financial assets at fair value through profit or loss	-	0.6
Derivative financial instruments	21.4	22.4
Investments in associated companies	2.8	1.8
Retirement benefit obligations	20.5	22.0
Total non-current assets	6,603.0	6,147.0
Current assets
Inventories	15.3	12.8
Trade and other receivables	452.4	391.8
Current tax receivable	-	0.9
Financial assets at fair value through profit or loss	0.6	-
Derivative financial instruments	9.0	9.8
Cash and cash equivalents	332.7	417.9
Restricted funds	55.6	58.2
Retirement benefit assets	11.4	9.2
Total current assets	877.0	900.6
LIABILITIES
Current liabilities
Borrowings	(151.2)	(257.4)
Financial liabilities at fair value through profit	-	(0.3)
Derivative financial instruments	(0.6)	(0.5)
Trade and other payables	(422.3)	(331.0)
Provisions	(6.1)	(6.8)
Total current liabilities	(580.2)	(596.0)
Net current assets	296.8	304.6
Non-current liabilities
Borrowings	(4,746.0)	(4,296.9)
Other non-current liabilities	(188.0)	(171.3)
Derivative financial instruments	(1.9)	(1.6)
Deferred tax liabilities	(551.9)	(530.6)
Provisions	(0.4)	(0.5)
Total non-current liabilities	(5,488.2)	(5,000.9)
Net assets	1,411.6	1,450.7
Shareholders' equity
Share capital	288.1	288.1
Share premium account	755.1	755.0
Capital redemption reserve	157.1	157.1
Retained earnings and other reserves	207.7	248.0
Total shareholders' equity	1,408.0	1,448.2
Non-controlling interests	3.6	2.5
Total equity	1,411.6	1,450.7

Source ↗

	2026 £m	2025 £m
Cash flows from operating activities
Cash generated from operations	529.7	233.6
Interest paid	(172.0)	(143.1)
Tax received	1.0	3.0
Net cash generated from operating activities	358.7	93.5
Cash flows from investing activities
Interest received	17.4	11.1
Purchase of property, plant and equipment	(629.4)	(663.1)
Withdrawal/(deposit) of restricted funds	2.6	(20.8)
Purchase of intangible assets	(8.1)	(5.5)
Proceeds from sale of property, plant and equipment	4.7	1.9
Net cash used in investing activities	(612.8)	(676.4)
Cash flows from financing activities
Proceeds from issuance of ordinary shares	-	491.0
Share issue transaction costs	(5.6)	(15.4)
Purchase of ordinary shares by the Pennon Employee Share Trust	(2.4)	(1.2)
Proceeds from new borrowing	569.9	920.0
Repayment of borrowings	(305.7)	(328.5)
Cash inflows from lease financing arrangements	90.0	25.0
Lease principal repayments	(45.3)	(97.2)
Dividends paid	(133.7)	(126.9)
Proceeds from dividend forfeiture	1.7	-
Net cash received in financing activities	168.9	866.8
Net (decrease)/increase in cash and cash equivalents	(85.2)	283.9
Cash and cash equivalents at beginning of year	417.9	134.0
Cash and cash equivalents at end of year	332.7	417.9

Source ↗

	Before non-underlying items half year ended 30 September 2025 £m	Non-underlying items half year ended 30 September 2025 £m	Total half year ended 30 September 2025 £m	Before non-underlying items half year ended 30 September 2024 £m	Non-underlying items half year ended 30 September 2024 £m	Total half year ended 30 September 2024 £m
Revenue	658.1	-	658.1	527.2	-	527.2
Operating costs
Employment costs	(75.9)	-	(75.9)	(79.6)	(0.9)	(80.5)
Raw materials and consumables used	(31.9)	-	(31.9)	(26.3)	(0.2)	(26.5)
Trade receivables impairment	(9.0)	-	(9.0)	(6.5)	-	(6.5)
Other operating expenses	(286.9)	-	(286.9)	(251.3)	(19.1)	(270.4)
Earnings before interest, tax, depreciation and amortisation	254.4	-	254.4	163.5	(20.2)	143.3
Depreciation and amortisation	(95.8)	-	(95.8)	(94.0)	-	(94.0)
Operating Profit	158.6	-	158.6	69.5	(20.2)	49.3
Finance income	10.0	-	10.0	7.9	-	7.9
Finance costs	(103.4)	-	(103.4)	(96.5)	-	(96.5)
Net finance costs	(93.4)	-	(93.4)	(88.6)	-	(88.6)
Share of post-tax profit from associated companies	0.7	-	0.7	0.5	-	0.5
Profit / (loss) before tax	65.9	-	65.9	(18.6)	(20.2)	(38.8)
Taxation (charge) / credit	(8.6)	-	(8.6)	3.9	4.9	8.8
Profit / (loss) for the period	57.3	-	57.3	(14.7)	(15.3)	(30.0)
Attributable to
Ordinary shareholders of the parent	57.2	-	57.2	(15.0)	(15.3)	(30.3)
Non-controlling interests	0.1	-	0.1	0.3	-	0.3
Earnings / (loss) per ordinary share
(pence per share)*
- Basic	–	–	12.1	–	–	(8.8)
- Diluted	–	–	12.1	–	–	(8.8)

Source ↗

	Unaudited 30 September 2025 £m	Audited 31 March 2025 £m
Non-current assets
Goodwill	179.9	179.9
Other intangible assets	62.9	62.2
Property, plant and equipment	6,063.0	5,849.4
Other non-current assets	7.8	8.7
Financial assets at fair value through profit and loss	-	0.6
Derivative financial instruments	19.3	22.4
Investments in associated companies	2.5	1.8
Retirement benefit assets	8.5	22.0
Total non-current assets	6,343.9	6,147.0
Current assets
Inventories	13.1	12.8
Trade and other receivables	461.5	391.8
Current tax receivable	-	0.9
Financial assets at fair value through profit and loss	0.2	-
Derivative financial instruments	7.2	9.8
Cash and cash equivalents	488.8	417.9
Restricted funds	58.4	58.2
Retirement benefit assets	11.1	9.2
Total current assets	1,040.3	900.6
LIABILITIES
Current liabilities
Borrowings	(224.9)	(257.4)
Financial liabilities at fair value through profit and loss	-	(0.3)
Derivative financial instruments	(0.8)	(0.5)
Trade and other payables	(413.4)	(331.0)
Provisions	(1.2)	(6.8)
Total current liabilities	(640.3)	(596.0)
Net current assets	400.0	304.6
Non-current liabilities
Borrowings	(4,661.6)	(4,296.9)
Other non-current liabilities	(178.2)	(171.3)
Derivative financial instruments	(2.9)	(1.6)
Deferred tax liabilities	(535.5)	(530.6)
Provisions	(0.6)	(0.5)
Total non-current liabilities	(5,378.8)	(5,000.9)
Net assets	1,365.1	1,450.7
Shareholders' equity
Share capital	288.1	288.1
Share premium account	755.6	755.0
Capital redemption reserve	157.1	157.1
Retained earnings and other reserves	161.7	248.0
Total shareholders' equity	1,362.5	1,448.2
Non-controlling interests	2.6	2.5
Total equity	1,365.1	1,450.7

Source ↗

	2025 £m	2024 £m
Cash flows from operating activities
Cash generated from operations	261.5	125.4
Interest paid	(103.1)	(64.6)
Tax received	1.0	3.0
Net cash generated from operating activities	159.4	63.8
Cash flows from investing activities
Interest received	7.7	4.1
Purchase of property, plant and equipment	(285.0)	(352.1)
Deposit of restricted funds	(0.2)	(0.7)
Purchase of intangible assets	(1.9)	(4.7)
Proceeds from sale of property, plant and equipment	1.5	0.9
Net cash used in investing activities	(277.9)	(352.5)
Cash flows from financing activities
Purchase of ordinary shares by the Pennon Employee Share Trust	(0.8)	(1.2)
Proceeds from share forfeitures	0.6	-
Share issue transaction costs	(4.4)	-
Proceeds from new borrowings	502.4	655.1
Repayment of borrowings	(158.8)	(246.9)
Cash inflows from lease financing arrangements	-	25.0
Lease principal repayments (including net recoverable VAT paid / recovered)	(17.6)	(13.4)
Dividends paid	(133.7)	(126.9)
Proceeds from dividend forfeiture	1.7	-
Net cash received from financing activities	189.4	291.7
Net increase in cash and cash equivalents	70.9	3.0
Cash and cash equivalents at beginning of period	417.9	134.0
Cash and cash equivalents at end of period	488.8	137.0

	FY Mar 26	FY Mar 25
Revenue to operating profit
Revenue	1,291.4	1,047.8
Adjusted EBITDA	519.2	335.6
EBITDA	498.5	298.0
Adjusted operating profit	325.5	148.5
Exceptional / adjusting items	(20.7)	(37.6)
Operating profit	304.8	110.9
Operating profit to net income
Finance costs	(213.3)	(199.4)
Profit before tax	114.4	(72.7)
Tax	(21.8)	15.9
Net income (owners)	91.5	(57.9)
Per share
EPS basic	1,940.0p	(1,610.0p)
EPS diluted	1,930.0p	(1,610.0p)
Dividend per share	2,929.0p	3,157.0p

	H2 Mar 26	H1 Sep 25	H2 Mar 25	H1 Sep 24
Revenue to operating profit
Revenue	633.3	658.1	520.6	527.2
Adjusted EBITDA	264.8	254.4	172.1	163.5
EBITDA	244.1	254.4	154.7	143.3
Exceptional / adjusting items	(20.7)	0.0	(17.4)	(20.2)
Operating profit	146.2	158.6	61.6	49.3
Operating profit to net income
Finance costs	(109.9)	(103.4)	(102.9)	(96.5)
Profit before tax	48.5	65.9	(33.9)	(38.8)
Tax	(13.2)	(8.6)	7.1	8.8
Net income (owners)	34.3	57.2	(27.6)	(30.3)
Per share
EPS basic	1,927.9p	12.1p	(1,601.2p)	(8.8p)
EPS diluted	1,917.9p	12.1p	(1,601.2p)	(8.8p)
Dividend per share	2,919.7p	9.3p	3,144.9p	12.1p

	FY Mar 26	FY Mar 25
Operating activities
Cash from operations	358.7	93.5
Interest paid	(172.0)	(143.1)
Investing activities
Capex (PP&E)	(629.4)	(663.1)
Capex (intangibles)	(8.1)	(5.5)
Financing activities
Lease principal paid	(45.3)	(97.2)
Dividends paid	(133.7)	(126.9)
Share buybacks	(2.4)	(1.2)
Shares issued	0.0	491.0

	H2 Mar 26	H1 Sep 25	H2 Mar 25	H1 Sep 24
Operating activities
Cash from operations	199.3	159.4	29.7	63.8
Interest paid	(68.9)	(103.1)	(78.5)	(64.6)
Investing activities
Capex (PP&E)	(344.4)	(285.0)	(311.0)	(352.1)
Capex (intangibles)	(6.2)	(1.9)	(0.8)	(4.7)
Financing activities
Lease principal paid	(27.7)	(17.6)	(83.8)	(13.4)
Dividends paid	0.0	(133.7)	0.0	(126.9)
Share buybacks	(1.6)	(0.8)	0.0	(1.2)

	31 Mar 26	31 Mar 25
Non-current assets
Goodwill	179.9	179.9
Other intangibles	67.5	62.2
Property, plant & equipment	6,297.5	5,841.5
Investment property	6.3	7.9
Associates & JVs	2.8	1.8
Current assets
Inventories	15.3	12.8
Trade receivables	452.4	391.8
Cash	332.7	417.9
Current assets	–	900.6
Current liabilities
Trade payables	422.3	331.0
Borrowings, current	151.2	257.4
Current liabilities	–	596.0
Non-current liabilities
Borrowings, non-current	4,746.0	4,296.9
Equity
Non-controlling interests	3.6	2.5
Total equity	1,411.6	1,450.7
Net cash and other figures
Undrawn facilities	610.0	560.0

	31 Mar 26	30 Sep 25	31 Mar 25
Non-current assets
Goodwill	179.9	179.9	179.9
Other intangibles	67.5	62.9	62.2
Property, plant & equipment	6,297.5	6,063.0	5,841.5
Investment property	6.3	–	7.9
Associates & JVs	2.8	2.5	1.8
Current assets
Inventories	15.3	13.1	12.8
Trade receivables	452.4	461.5	391.8
Cash	332.7	488.8	417.9
Current assets	–	1,040.3	900.6
Current liabilities
Trade payables	422.3	413.4	331.0
Borrowings, current	151.2	224.9	257.4
Current liabilities	–	640.3	596.0
Non-current liabilities
Borrowings, non-current	4,746.0	4,661.6	4,296.9
Equity
Non-controlling interests	3.6	2.6	2.5
Total equity	1,411.6	1,365.1	1,450.7
Net cash and other figures
Net cash / (debt) ex leases	–	(4,201.6)	–
Undrawn facilities	610.0	560.0	560.0

Read automatically from each results announcement. Check the source before relying on a figure.

Spotted an error in this income statement? Report it

Company filings. Not investment advice.