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South West Water owner Pennon Group announces half-year results

24th November 2020

Pennon Group, the owners of South West Water, announced their half-year results today. This is the company’s first financial announcement since 1 in 16 households in the South West became shareholders in the company last month.

The encouraging results mean that customers who decided to take shares in the company earlier this year will benefit from dividend payments when the financial year ends. In October, the unique scheme, known as Watershare+, gave one million customers the option of £20 credit on their next bill or shares in Exeter-based Pennon Group. 

WaterShare+ is part of South West Water’s 2020-25 New Deal, which will deliver cuts to bills and more than £1 billion of extra investment to improve services, including our biggest environmental improvement programme for 15 years.

Susan Davy, South West Water’s Chief Executive Officer, said: “The commitment and resilience of our employees has allowed us to continue to deliver for customers and communities during this difficult time. Performing well financially means we are investing in the environment, reducing customer bills, and providing more secure jobs.

“As one of the largest employers in the region, we will play our part in helping the South West’s economy to recover with major investment and new jobs, including 500 apprentices over the next 5 years and a new graduate scheme.

“With our unique Watershare+ scheme building a deeper relationship with our customers, giving them a stake and a say – this is also good news for them”.

With the economic hit from COVID-19 expected to increase unemployment, South West Water is committed to identifying and supporting those most in need of help. The company will help the region recover and build back better through its major environmental investment, innovation to become a net-zero firm by 2030, and support for local companies through its supply chain.

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