Pennon Group has initiated a fully underwritten £550 million rights issue at a 35.5% discount to raise funds for increased capital investment in its water businesses, now expected to total around £3.6 billion through 2030. The company will issue 220.3 million new shares and reduce its 2026/27 dividend by about 30%, lowering the payout to approximately £125 million or 18p per share. This strategic move aims to improve operational performance and maintain sustainable gearing levels, with regulated water gearing targeted below 65% and group gearing below 70%. Pennon also expects underlying earnings before interest, tax, depreciation, and amortization to grow by 5-10% this year despite additional costs.
Pennon Group's £550 million rights issue and dividend cut come as a backdrop to the utilities sector's mixed performance on Pluang. For readers following utilities, here is Pluang's market snapshot as of Oct 07, 2026 14:12 WIB: out of 22 priced US utilities stocks, 12 rose and 9 fell today. Notable movers include FirstEnergy Corp. (FE) at USD 45.12 with a +3.38% change and 100% buy order activity, Entergy Corporation (ETR) at USD 103.30 with a +2.46% change and 100% buy order activity, and Sempra Energy (SRE) at USD 80.00 with a +2.35% change.
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