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PENNON (PNN).

Publication: Investors Chronicle
Publication Date: 05-AUG-05 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
1,061p - Utilities - Pennon manages to combine the safe-but-dull characteristics of a utility with a growth story. Last year, its waste-management business, Viridor, clocked up 14 per cent organic revenue growth, driven by robust demand for its landfill, power-generation and waste-collection services. Viridor is benefiting from the opening up of council waste services to private competition, picking up its first private finance initiative contract, worth GBP450m, from West Sussex Council last year - more should follow soon.

Viridor also has an admirable track record of making good acquisitions. The contribution of recent acquisitions helped boost its operating profits last...

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