REG - Pennon Group PLC - Half Yearly Report <Origin Href="QuoteRef">PNN.L</Origin> - Part 21

PennonAnnouncement

28/11/2014 07:11

- Part 21: For the preceding part double click  ID:nRSb2520Yt 

              
 website,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
 http://www.pennonannualreport.co.u                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
 k/2014/group/principal-risks-and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
 -uncertainties.php or obtained                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
 from the Group Company Secretary                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
 at the Company's registered                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
 office.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
                                   BOARD MATTERS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
                                   The Board announced in September the planned retirement of David Dupont, Group Director of Finance and an Executive Director of Pennon Group Plc, on 31 January 2015.  The Board would like to take this opportunity to express its gratitude to David for his significant contribution to the success of the Group and the strategic development of both South West Water and Viridor.  In his 12 years as Group Director of Finance, David has successfully managed the financial affairs of Pennon during a period of substantial development and growth.  He has put in place the funding required to take South West Water forward into the K6 period and to finance the construction of Viridor's committed ERF programme.  The Board wishes him well for the future.                                                                                     
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
                                   The Board also announced in September that David's successor will be Susan Davy, currently Finance and Regulatory Director of South West Water.  Susan was appointed to the South West Water Board 7 years ago and is well placed to take on the role immediately upon David's retirement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
                                   Neil Cooper joined the Board on 1 September 2014 as a Non-Executive Director and as chairman of the Audit Committee.  Neil is Group Finance Director of William Hill PLC and previously was Group Finance Director of Bovis Homes Group PLC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
                                   INTERIM MANAGEMENT STATEMENTS AND PRE-CLOSE TRADING UPDATES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
                                   With effect from 7 November 2014, the Financial Conduct Authority removed the requirement in the Disclosure and Transparency Rules to publish Interim Management Statements (IMSs).  Before IMSs were introduced, Pennon published pre-close trading updates that were released immediately prior to pre-close meetings with analysts and investors.  The Group intends to revert back to this policy and the next pre-close trading update will be released in late March 2015.                                                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
                                   Accordingly, the Group does not intend to issue IMSs in the future and will not issue one next February