In a six month trading statement, Pennon highlighted two of Viridor's recent acquisitions. Specialist glass reclamation company Richardson Ltd was acquired for 11.9 million in April and in July, Cornish waste management and plant hire company Roseland Plant Ltd was acquired for 9.5 million.
Chief Executive of Viridor Colin Drummond said of the Richardson acquisition: “This was a natural extension of Viridor's strategy of expanding into specialist areas of waste treatment which are expected to grow as a result of the government's new Waste Strategy.”
Mr Drummond added that the acquisition of Roseland would increase the company's presence in Cornwall where there is a shortage of consented landfill capacity and would allow it to develop its business in its home territory.
On October 1 2002, a Special Interim dividend of 70p per share was paid to shareholders from the proceeds of the disposal of Viridor Instrumentation which took place in February. A share consolidation took place on September 2 in order to maintain comparability of the share price before and after payment of the dividend.
Pennon will announce its interim results on November 28 2002.
Subscribe for free