Pennon Group PLC Update on Viridor's Greater Manchester Contract (1712S)
September 29 2017 - 1:02AM
UK Regulatory
TIDMPNN
RNS Number : 1712S
Pennon Group PLC
29 September 2017
29 September 2017
PENNON GROUP PLC
Update on Viridor's Greater Manchester Contract
As previously reported, progress is being made on the final
agreements relating to the Greater Manchester PFI Contract.
The agreement relating to Viridor Laing (Greater Manchester)
Limited has now been signed, with ownership passing to the Greater
Manchester Waste Disposal Authority (GMWDA). Work continues on the
remaining agreements in relation to INEOS Runcorn (TPS) Holdings
Limited and the contract relating to the recycling and reprocessing
operations.
For the joint venture entities, Viridor Laing (Greater
Manchester) Holdings Limited and INEOS Runcorn (TPS) Holdings
Limited, Pennon continues to anticipate a net one-off non-material
impact to the income statement in 2017/18.
A fuller update will be provided at Pennon's half year results
for 2017/18 on Wednesday 29 November 2017.
For further information, please contact:
Pennon: Susan Davy - Chief Financial Officer
Sarah Heald - Director of Corporate Affairs & Investor
Relations
01392 443 401
Finsbury: James Murgatroyd
Faeth Birch
0207 251 3801
Notes to Editors:
Viridor Laing (Greater Manchester) Limited is wholly owned by
Viridor Laing (Greater Manchester) Holdings Limited which in turn
is jointly owned by Viridor (50%) and John Laing (50%).
INEOS Runcorn (TPS) Limited is wholly owned by INEOS Runcorn
(TPS) Holdings Limited which in turn is a joint venture between
Viridor, John Laing and Inovyn Chlorvinyls Limited.
The book value of Viridor's economic investment in the Greater
Manchester project as at 31 March 2017 was GBP78.0 million, of
which Viridor Laing (Greater Manchester) Holdings Limited
represents GBP40.2 million and INEOS Runcorn (TPS) Holdings Limited
represents GBP37.8 million.
Cautionary statement in respect of forward-looking
statements
Certain statements in this announcement are forward-looking
statements relating to the Group's operations, performance and
financial position based on current expectations of, and
assumptions and forecasts made by, management. They are subject to
a number of risks, uncertainties and other factors that could cause
actual results, performance or achievements of the Group to differ
materially from any outcomes or results expressed or implied by
such forward-looking statements. The Group's principal risks were
described in the 2017 Pennon Group Annual Report which can be
viewed online at www.pennon-group.co.uk/AR2017 Such forward looking
statements should therefore be construed in light of such risks,
uncertainties and other factors and undue reliance should not be
placed on them. They are made only as of the date of this
announcement and no representation, assurance, guarantee or
warranty is given in relation to them including as to their
accuracy, completeness, or the basis on which they are made. No
obligation is accepted to publicly revise or update these
forward-looking statements or adjust them as a result of new
information or for future events or developments, except to the
extent legally required. Nothing in this Statement should be
construed as a profit forecast.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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