Preliminary Results
Pennon Group PLC
27 May 2004
27 May 2004
PENNON GROUP PLC
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 2004
Pennon Group announces its unaudited results for the year ended 31 March 2004.
A presentation for City audiences will be held today, 27 May 2004, at 09:00
at The City Presentation Centre, 4 Chiswell Street, London, EC1.
FINANCIAL HIGHLIGHTS
• Operating profit up 7.3% to £136.3m *
• South West Water up 6.6% to £118.9m
• Viridor up 18.8% to £22.7m before goodwill
• Profit before tax up 6.2% to £78.8m *
• Earnings per share (before deferred tax) up 4.9% to 57.7p *
• Recommended final dividend per share up 4.9% to 27.8p
(full year dividend up 4.9% to 41.0p)
* Before exceptional item in 2003/04 of £6.5m for costs
incurred relating to abortive acquisition
OPERATIONAL HIGHLIGHTS
• South West Water
• On track to outperform the current regulatory contract
• Final 2005 - 2010 Business Plan submitted to Ofwat
• Viridor Waste
• Strong growth in profits from landfill and power generation
• Acquisitions performing in line with expectations
'We have made excellent progress' said the Chairman, Ken Harvey, today.
'These strong results demonstrate further profitable growth in South West
Water and Viridor Waste, affirming our strategy once again of focusing on
these two key businesses.
'Clearly, we are disappointed that our discussions with Shanks regarding the
purchase of their UK landfill and landfill gas assets did not ultimately come
to fruition. However, as we have indicated on a number of occasions
previously, we will not overpay for an acquisition. The price agreed between
Shanks and Terra Firma would not have satisfied Pennon's investment criteria.
'The Group has an established track record of profitable growth in the waste
management market and remains committed to strengthening its leading position
in that market through further organic growth and acquisitions which do meet
Pennon's investment criteria.'
For further information on 27 May 2004, please contact :
David Dupont Group Director of Finance )
Jo Finely Investor Relations Manager ) 020 7628 5646
Edward Orlebar Finsbury Group )
GROUP OVERVIEW
• Group turnover rose 13.0% to £471.3m.
• Group operating profit before goodwill rose by 8.0% to £138.8m. *
• Group profit before tax up 6.2% to £78.8m. *
• Earnings per share before deferred tax up 4.9% to 57.7p. Earnings per
share after deferred tax increased by 24.4% to 55.1p. *
• Capital expenditure for the Group was £170.0m (2002/03 - £204.6m).
• One waste management acquisition, Churngold Holdings
Limited, was made in June 2003 for a total cash
consideration of £19.8m. Thames Waste Management Limited
was acquired just after the year end, on 6 April 2004, for
£30.5m (£28.4m net of cash). The group has made 7
acquisitions for a total consideration of £104m since
2001/02.
• Net debt for the Group was £1,074.1m, an increase of £85.5m
since 31 March 2003. Gearing, being net borrowing to
shareholders' funds, was 119% (2003 - 111%). Interest cover
was maintained at 2.4 times.
• The Board has recommended a final dividend of 27.8p, up
4.9%, subject to shareholder approval. Together with the
interim dividend of 13.2p, this will result in a total
dividend for the year of 41.0p, representing an increase of
4.9% on the total dividend for 2002/03. The Board intends
to continue to pursue a progressive dividend policy and
offer shareholders a scrip dividend alternative.
* Before exceptional item in 2003/04 of £6.5m for costs incurred relating
to abortive acquisition.
SOUTH WEST WATER
South West Water turnover rose by £21.6m to £291.8m. Approved tariff
increases amounted to £19.5m. Customers switching from unmeasured to metered
charging caused a reduction of £6.0m in turnover. Other factors, including
6,900 new customer connections and increased commercial sales, contributed
£5.1m. There was an increase in measured demand in the summer of 2003 of
£3.0m.
South West Water's operating profit rose 6.6% to £118.9m. Operating costs,
including depreciation, increased by £14.2m to £172.9m. Additional costs from
new capital schemes of £8.6m, inflation of £3.4m and other cost increases of
£6.3m (mainly pensions, direct cost of sales and bad debts), were offset by
£4.1m of efficiency savings. Some five years ago South West Water established
a restructuring and continuous improvement programme to reduce significantly
overhead and operating costs. Its successful delivery is ensuring South West
Water continues to outperform the demanding operational and capital
efficiency targets imposed by Ofwat and is on track to continue to do so for
the remainder of the current K3 regulatory period (2000-2005). In 2004/05 the
company will continue to grow its Regulatory Asset Value ahead of net debt.
The company's key objectives include providing exemplary levels of product
and customer service. Market research carried out amongst South West Water's
customers continues to confirm high levels of satisfaction with the overall
service provided by the company. South West Water is also continuing its good
performance against Ofwat's prescribed customer 'Levels of Service
Indicators' targets.
As planned, capital expenditure reduced by £42.2m to £139.3m in the year.
£67.0m was invested in water supply improvements, including water mains
renovation, water treatment works enhancement and leakage control. The
company is one of the industry leaders in managing water leakage and
continues to deliver results in line with Ofwat's mandatory leakage target.
Over 400 km of water mains were laid, replaced or refurbished during the
year. Drinking water quality is at an all time high.
Additional investment has been made in order to enhance compliance robustness
at our waste water treatment works. As a consequence of this strategy, we are
confident of achieving a significant improvement in the OPA score to be
published by Ofwat later in the year.
Of the £72.3m invested in the year in waste water services, £30.8m was
invested in the company's bathing water initiative 'Clean Sweep'.
Commissioning of the Ilsham Valley pumping station in Torbay commenced in
April 2004. This operation signalled the completion of the last multi-million
pound project in the company's original £1bn 'Clean Sweep' programme. Work
continues on addressing the few remaining small crude discharges,
particularly in Cornwall. In November 2003, the Department for the
Environment, Food and Rural Affairs (DEFRA) and the Environment Agency (EA)
announced the best ever bathing water quality results for beaches and bathing
waters along the West Country coastline. All but one of the 141 designated
bathing waters in the region regularly monitored by the EA complied with the
European Union (EU) mandatory standards with Devon achieving 100% compliance
for the first time ever. The results also confirmed that 115 bathing waters
met the more stringent EU guideline standards, the best performance of any
region in the UK. River water quality is also at an all time high and the
region features the highest percentage length of high quality river of any
region in England.
South West Water's 'Clean Sweep' bathing water improvement programme has been
pivotal in achieving these record levels of compliance and the associated
financial and environmental benefits for the region. Its successful delivery
is great testament to the endeavours of South West Water employees,
contractors and regional key stakeholders, including customers, who have all
contributed to the completion of the biggest environmental improvement
programme of its kind in Europe.
South West Water's Final Business Plan for the K4 period (2005 - 2010) was
submitted to Ofwat in April. Details of the proposed strategy, estimate of
expenditure needs and effect on average bills can be found on the company's
website. Ofwat will publish its Draft and Final Determinations this August
and December respectively of the prices customers will pay from 1 April 2005.
VIRIDOR WASTE
Viridor Waste has continued to trade strongly, building on the growth
achieved over the past several years. Turnover rose by 20.2% to £183.1m in
2003/04. The acquisition of Churngold in June 2003 accounted for £16.2m,
increased existing business £8.8m and increased landfill tax £5.8m.
Viridor Waste's operating profit before goodwill amortisation rose by 18.8%
to £22.7m (£20.2m after goodwill amortisation), compared to £19.1m (£17.6m
after goodwill amortisation) in 2002/03.
Operating profit contributions from landfill and power generation increased
by 23.2% and 46.1% respectively, the latter including the premium pricing
benefits of Renewables Obligations Certificates (ROCs). Operating margin,
before goodwill amortisation and excluding landfill tax, was 16.9%. Earnings
before interest, tax, depreciation and amortisation (EBITDA) grew from £38.2m
to £43.2m. Capital expenditure for the year was £30.5m (2002/03 - £23.0m).
One acquisition was made during the year and one just after the year end. In
June 2003 Churngold Holdings Limited was acquired for £19.8m. Churngold has
waste recycling and transfer stations along with associated collection
activities in the Bristol area, Glasgow and Edinburgh. It has an excellent
geographic fit with Viridor Waste's existing activities in the South West of
England and in Scotland. Churngold has been largely integrated into Viridor's
activities and is trading in line with expectations. In April 2004, after the
year end, Thames Waste Management was acquired for £30.5m. Thames Waste
Management comprises one operational landfill site positioned within the M25
with 4m cubic metres of consented capacity, two landfill gas power generation
schemes totalling 5 MW capacity, and four liquid waste treatment plants,
along with an associated tanker fleet. It is expected that this acquisition
will be earnings enhancing before goodwill amortisation this current
financial year.
Total landfill disposal volumes increased by 6.3% to 3.675m tonnes.
Underlying gate fees rose by 3.5%, ahead of cost increases. In October 2003,
the local council resolved to grant Viridor planning permission for a further
2.8m cubic metres of landfill void at Pilsworth, serving North Manchester and
the surrounding area, which will extend landfilling operations at the site
until 2020. Viridor's consented landfill has increased from 80m m3 to 83m m3
from a combination of acquisitions (including Thames Waste Management) and
planning gains less usage during the year. The company is currently filling
its landfill void at a rate of circa 4.7m cubic metres per annum (including
Thames Waste Management).
Viridor Waste's total power generation capacity has increased by 22% to circa
45 MW, including the 5 MW capacity from Thames Waste Management. This follows
the 32% increase in 2002/03. Most of the increased capacity benefits from
premium prices under ROCs and underpins the strong profit growth achieved.
Viridor Waste commenced operating its first waste management PFI contract on
1 April 2004. Under the 25 year contract Viridor is taking over and running
West Sussex's 11 civic amenity sites and recycling centres and developing new
facilities, including a new materials recovery facility. The contract fits
well with Viridor's existing activities in this area.
Viridor Waste has implemented a new regional management structure to reflect
the growth in the business and further to improve operational effectiveness.
PENSIONS
The Group pension schemes showed an indicative net deficit at 31 March 2004
of circa £55m, a similar level to that reported under FRS 17 at 31 March
2003. A recovery in investment values has been offset by an increase in
liabilities and higher expectations for future inflation.
The Company operates a defined benefit pension scheme for existing staff of,
and new entrants to, Pennon and South West Water and for certain employees in
Viridor. Having reviewed practices in the waste industry, Pennon set up a
defined contribution scheme in July 2003 for other Viridor employees and
employees from certain acquired waste companies.
The last actuarial valuation of the Pennon defined benefit scheme in April
2001 indicated a scheme surplus, enabling continuation of the employer
contribution holiday in 2001/02. In response to deteriorating stock market
conditions, the Group resumed employer cash contributions of 4.8% and 11.5%
of pensionable pay in 2002/03 and 2003/04 respectively, in line with
recommendations from the scheme actuary.
The next triennial actuarial review is expected to result in additional costs
of up to £6m in 2004/05.
TAXATION
The mainstream corporation tax charge for the year was £7.5m (£3.4m in
2002/03).
The deferred tax charge for the year to 31 March 2004 was £3.3m, down from
£13.7m in 2002/03.
FINANCING INITIATIVES
The total interest charge increased from £52.1m to £57.2m. The 2002/03 result
included a circa £2m interest benefit from the sale proceeds of Viridor
Instrumentation. The average interest rate on net debt was reduced from 6.0%
to 5.5%.
The Group funding strategy utilises a mix of fixed and floating rate
borrowings. To take advantage of current low interest rates and reduce the
risk of adverse movements, South West Water has continued its swap
arrangements to fix the interest rate on the majority of its debt for the
period up to March 2005.
SHANKS
The acquistion of the UK landfill and landfill gas assets of Shanks would
have tied in very well with Viridor's strategy. We confirmed in our
announcement of 17 May 2004 that the acquistion would have to satisfy the
Group's criteria for any investment in the waste sector, as well as
reinforcing Pennon's progressive dividend policy. Our offer price of £202.5m
satisfied our investment criteria. The price agreed between Shanks and Terra
Firma would not have done so .
Discussions were terminated on 25 May 2004. Total abortive costs are
estimated at £9.0m. £6.5m has been charged as an exceptional item in 2003/04
and the balance of £2.5m will be recognised in the 2004/05 financial year.
The Group has an established track record of profitable growth in the waste
management market and remains committed to strengthening its leading position
in that market through further organic growth and acquisitions which do meet
Pennon's investment criteria. Viridor Waste has been an active participant in
the consolidation of the UK waste sector having completed seven acquisitions
for c.£104m since 2001. These have contributed to the twenty percent per annum
growth in operating profit before goodwill achieved since 2000/01.
APPROACH RECEIVED BY THE BOARD
On 17th May, 2004, following press speculation, the Board confirmed that it
had received a preliminary and conditional approach for the entire issued
share capital of the Company from a consortium of financial investors led by
Terra Firma.
The approach was at an effective value of 822.2p per share, conditional,
inter alia, on the arrangement of financing and extensive due diligence.
Under the approach, shareholders would have received a cash payment of 850p
per share but would not have received the final dividend of 27.8p per share
announced today with the Group's preliminary results.
The Board unanimously decided that the approach failed to recognise the
strategic value of Pennon. Therefore, following consultation with some of
Pennon's largest shareholders, the Board rejected the approach.
STRATEGY AND PROSPECTS
The Board's priority continues to be the creation of shareholder value
through its strategic focus on water, sewerage and waste management.
The Board remains confident that South West Water will continue to outperform
the regulatory contract in the current regulatory period and to grow its
Regulatory Asset Value (ahead of net debt) up to 2005. Viridor Waste's
successful strategy of creating long-term sustainable profit growth is
expected to continue through capitalising on its landfill asset base,
exploiting its landfill gas power generation potential and pursuing
profitable opportunities in line with the Government's developing waste
strategy.
Ken Harvey
Chairman
27 May 2004
PENNON GROUP PLC
GROUP PROFIT AND LOSS ACCOUNT
For the year ended 31 March 2004
Before
exceptional Exceptional Total
item item
2004 2004 2004 2003
(unaudited) (unaudited) (unaudited)
Note £m £m £m £m
Turnover
Continuing operations 455.1 - 455.1 417.2
Acquisitions 16.2 - 16.2 -
______________________________________
Total turnover 471.3 - 471.3 417.2
Operating costs 2 (335.0) (6.5) (341.5) (290.2)
______________________________________
Group operating profit
Continuing operations 135.7 (6.5) 129.2 127.0
Acquisitions 0.6 - 0.6 -
______________________________________
Total Group operating profit 136.3 (6.5) 129.8 127.0
Share of operating loss in :
Joint venture (0.3) - (0.3) (0.1)
Associate - - - (0.6)
______________________________________
Total operating profit 136.0 (6.5) 129.5 126.3
Net interest payable (57.2) - (57.2) (52.1)
______________________________________
Profit on ordinary activities
before taxation 78.8 (6.5) 72.3 74.2
Tax on profit on ordinary
activities 3 (10.8) - (10.8) (17.1)
______________________________________
Profit on ordinary activities
after taxation 68.0 (6.5) 61.5 57.1
Dividends : 4
Special
interim
dividend - - - (95.9)
Interim
and final
dividends (51.1) - (51.1) (48.4)
______________________________________
Retained surplus/(deficit)
transferred to/(from) reserves 16.9 (6.5) 10.4 (87.2)
======================================
Earnings per share 5
Before exceptional item and
deferred tax :
Adjusted basic 57.7p 55.0p
Adjusted
diluted 57.3p 54.8p
After exceptional item and
deferred tax :
Basic 49.8p 44.3p
Diluted 49.5p 44.2p
________________
Dividend per share 4 41.0p 39.1p
________________
All operating activities are continuing operations.
There were no recognised gains or losses, other than the profit for the year,
in 2004 and 2003.
The special interim dividend in the year ended 31 March 2003 was paid to
shareholders out of the sale proceeds from the disposal of Viridor
Instrumentation Limited.
PENNON GROUP PLC
SUMMARISED GROUP BALANCE SHEET
for the year ended 31 March 2004
2004 2003
(unaudited)
Note £m £m
________________________
Fixed assets
Intangible assets 47.6 37.6
Tangible assets 2,141.1 2,046.4
Investments 3.6 1.9
________________________
2,192.3 2,085.9
Current assets
Stocks 4.5 4.0
Debtors 97.3 87.6
Investments and cash 267.7 191.0
________________________
369.5 282.6
Creditors: amounts falling due within one year (293.6) (265.1)
________________________
Net current assets 75.9 17.5
________________________
Total assets less current liabilities 2,268.2 2,103.4
Creditors: amounts falling due after
more than one year (1,234.9) (1,083.3)
Provisions for liabilities and charges (94.0) (90.6)
Deferred income (38.7) (39.4)
________________________
Net assets 900.6 890.1
========================
Capital and reserves
Called-up share capital 137.9 137.2
Share premium account 154.2 152.8
Profit and loss account 608.5 600.1
________________________
Shareholders' funds 6 900.6 890.1
========================
PENNON GROUP PLC
GROUP CASH FLOW STATEMENT
for the year ended 31 March 2004
2004 2003
(unaudited)
Note £m £m
________________________
Net cash inflow from operating activities 7 215.1 198.9
Returns on investments and servicing of finance (41.3) (42.9)
Taxation (0.1) -
Capital expenditure and financial investment (179.2) (198.2)
Acquisitions (20.0) (37.2)
Equity dividends paid (47.0) (147.3)
________________________
Net cash outflow before use of liquid resources
and financing (72.5) (226.7)
Management of liquid resources (62.1) 67.6
Financing 156.3 140.7
________________________
Increase/(decrease) in cash in year 21.7 (18.4)
========================
PENNON GROUP PLC
SEGMENTAL ANALYSIS BY CLASS OF BUSINESS
for the year ended 31 March 2004
2004 2003
(unaudited)
£m £m
________________________
Turnover
Continuing operations
Water and sewerage 291.8 270.2
Waste management 183.1 152.3
Other 7.3 5.2
Less intra-group trading (10.9) (10.5)
________________________
Group totals 471.3 417.2
========================
Group operating profit
Continuing operations before exceptional item
and goodwill amortisation
Water and sewerage 118.9 111.5
Waste management 22.7 19.1
Other (2.8) (2.1)
________________________
Total continuing operations before exceptional item
and goodwill amortisation 138.8 128.5
________________________
Group operating profit
Continuing operations after exceptional item
and goodwill amortisation
Water and sewerage 118.9 111.5
Waste management 20.2 17.6
Other * (9.3) (2.1)
________________________
Group totals 129.8 127.0
========================
Profit on ordinary activities before taxation
Continuing operations
Water and sewerage 70.1 67.1
Waste management 14.7 14.2
Other + (12.5) (7.1)
________________________
Group totals 72.3 74.2
========================
* includes the exceptional item (note 2).
+ includes the exceptional item (note 2) and interest
arising on parent company financing of acquisitions.
Continuing operations include acquisitions.
PENNON GROUP PLC
NOTES
1 The financial information for the years ended 31 March 2004 and 31 March
2003 does not constitute full financial statements within the meaning of
section 240 of the Companies Act 1985. The full financial statements for
the year ended 31 March 2003 have been delivered to the Registrar of
Companies. The independent auditors' report on those financial statements
was unqualified and did not contain a statement under section 237 (2) or
(3) of the Companies Act 1985.
2 The exceptional item is £6.5m costs incurred relating to the abortive
acquisition of the UK landfill and landfill gas operations of Shanks
Group Plc where discussions were terminated on 25 May 2004. Total
abortive costs are estimated at £9.0m with the balance of exceptional
costs of £2.5m to be recognised in the 2004/05 financial year.
3 Tax on profit on ordinary activities for the year comprises :
2004 2003
(unaudited)
£m £m
United Kingdom corporation tax at 30% 7.5 3.4
Deferred taxation 3.3 13.7
_____ _____
10.8 17.1
===== =====
4 Dividends 2004 2003
(unaudited)
£m £m
Special interim dividend of 70.0p per share - 95.9
Interim dividend of 13.2p
(2003 12.6p) per share 16.4 15.6
Proposed final dividend 27.8p
(2003 26.5p) per share 34.7 32.8
_____ _____
51.1 144.3
===== =====
The special interim dividend in the year ended 31 March 2003 was paid to
shareholders out of the sale proceeds from the disposal of Viridor
Instrumentation Limited.
If approved at the Annual General Meeting on 29 July 2004 the final
dividend of 27.8p per share will be paid on 1 October 2004 to
shareholders on the register at 9 July 2004.
5 Basic and diluted earnings per share
The calculation of earnings per share is based on the profit on ordinary
activities after taxation divided by the weighted average number of
Ordinary shares in issue during the year of 123.5 million (2003 128.8
million). The average number of shares in issue was reduced by a share
capital consolidation on 2 September 2002 whereby every 111 Ordinary
shares of £1 each were replaced by 100 new Ordinary shares of £1.11 each.
All share options with an exercise price lower than the average market
price of the Company's shares during the year have been included in the
calculation of diluted earnings per share. The weighted average number of
shares in issue during the year, taking account of the dilutive effect of
share options, was 124.3 million (2003 129.3 million).
Adjusted basic and diluted earnings per share
Adjusted earnings per share have been calculated to exclude the impact of
the exceptional item and deferred tax on the results, as these items can
have a distorting effect on earnings from year to year and therefore
warrant separate consideration. Adjusted earnings have been calculated as
follows :
2004 2003
Profit on Profit on
ordinary Earnings per ordinary Earnings per
activities share activities share
(un-audited) Basic Diluted Basic Diluted
£m p p £m p p
Profit on ordinary
activities after taxation 61.5 49.8 49.5 57.1 44.3 44.2
Exceptional item 6.5 5.3 5.2 - - -
Deferred tax 3.3 2.6 2.6 13.7 10.7 10.6
Adjusted earnings
before exceptional item _____________________________________________________
and deferred tax 71.3 57.7 57.3 70.8 55.0 54.8
=====================================================
6 Statement of movements in shareholders' funds
2004 2003
(unaudited)
£m £m
Profit on ordinary activities after
taxation 61.5 57.1
Dividends (51.1) (144.3)
____ ______
10.4 (87.2)
Adjustment for shares issued under
the scrip dividend alternative 1.3 -
Shares issued for cash consideration 2.1 1.4
Adjustment for shares issued under the
Sharesave Scheme through Employee
Share Ownership Trust - (0.3)
Goodwill arising on previously
acquired business (3.3) -
____ ______
Shareholders' funds (equity interest):
Addition/(reduction) for year 10.5 (86.1)
At 1 April 890.1 976.2
_____ ______
At 31 March 900.6 890.1
===== ======
7 Reconciliation of Group operating profit to net cash inflow from
operating activities:
2004 2003
(unaudited)
£m £m
Group operating profit 129.8 127.0
Depreciation charge 86.1 79.8
Amortisation of intangible fixed assets 2.5 1.5
Provision for impairment of fixed
asset investments 0.9 1.4
Deferred income released to profits (1.2) (1.2)
Decrease in provisions for liabilities
and charges (2.0) (2.0)
Increase in stocks (0.5) (0.8)
(Increase)/decrease in debtors
(amounts falling due within and
over one year) (4.2) 1.1
Increase/(decrease) in creditors
(amounts falling due within and
over one year) 5.4 (7.1)
Profit on disposal of tangible
fixed assets (1.7) (0.8)
_____ _____
Net cash inflow from operating
activities 215.1 198.9
===== =====
8 Analysis of net debt
At Cash Acquisitions Non-cash At
1 April flow (excluding movements 31 March
2003 cash items) 2004
(unaudited)
£m £m £m £m £m
Cash at bank
and in hand 8.6 5.4 - - 14.0
Current asset
investments:
Overnight
deposits 4.3 9.2 - - 13.5
Bank
overdrafts (14.1) 7.1 - - (7.0)
__________________________________________________________
(1.2) 21.7 - - 20.5
__________________________________________________________
Debt due
within one
year (other
than bank
overdrafts) (58.0) 16.7 (3.8) (34.6) (79.7)
Debt due
after more
than one
year (385.6) (140.0) (0.4) 34.5 (491.5)
Finance lease
obligations (721.9) (30.9) (2.8) (8.0) (763.6)
__________________________________________________________
(1,165.5) (154.2) (7.0) (8.1) (1,334.8)
__________________________________________________________
Current asset
investments:
Other than
overnight
deposits 178.1 62.1 - - 240.2
__________________________________________________________
(988.6) (70.4) (7.0) (8.1) (1,074.1)
__________________________________________________________
Non-cash movements include transfers between categories of debt for changing
maturities, increased accrued finance charges within finance lease
obligations and loan notes issued in settlement of accrued consideration in
respect of a previously acquired business.
9 The Annual Report for 2003/04 will be issued to shareholders on 30 June
2004.
Pennon Group Plc
Registered Office :
Peninsula House
Rydon Lane
EXETER
Devon EX2 7HR
Registered in England No 2366640
www.pennon-group.co.uk
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