Speaking after publication of the group's financial results for half year to September 30 2002, chairman Ken Harvey said: “These results demonstrate further profitable growth in the group, affirming our strategy of focusing on our two key businesses, South West Water and Viridor Waste.”
The results showed group profit before tax up 3% to 41.7m. Viridor Waste turnover was 74.4 million, an increase of 10 million over the half year to September 30 2001. The increase was due primarily to acquisitions, but also included increased landfill tax of 1.9 million.
Viridor Waste operating profit before goodwill rose by 7.3% to 8.8 million.
Pennon explained that the 2001/02 first half results included certain one-of items which have been largely offset by the impact of subsequent acquisitions in the current year.
Viridor Waste's strategy has two key elements, confirms Pennon. The first is to fully exploit the company's landfill assets. It says: “The UK is likely to face an increasing shortage of landfill disposal capacity due to planning constraints and, with 78 million cubic metres of consented landfill capacity (including Parkwood Holdings), Viridor Waste is well positioned for the future.”
The second element of the strategy is to pursue opportunities in line with the government's waste and renewable energy strategies.
Looking ahead, the group says that Viridor is confident of delivering “moderate full year profit growth”.
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