Exeter-based South West Water yesterday announced a major restructuring including a change of name to the Pennon Group - a move, it said, reflecting the increasing importance of its non-regulated businesses, such as those dealing in the environment and waste management.
It involves splitting the company between its water and sewerage businesses - under South West Water, and its unregulated divisions - under the umbrella of Viridor.
Pre-tax profits for the year ended March 31 fell from #133m to #107m after exceptionals and turnover lifted from #344m to #370m. The company raised its total dividend from 36.7p to 41p.
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