SW Water to invest in change of name
Friday 29 May 1998
But it denies it is trying to escape from a poor public image, pointing out the South West Water will remain the name of its water utility business.
The new title, which must be approved by shareholders at an annual general meeting at the end of July, is intended to underline the company's move into new business sectors, it says.
South West Water is keen to expand in areas not covered by government regulation. It has highlighted waste management, environmental instrumentation and specialist contracting.
Pennon, headed up by the existing chairman, Ken Harvey, will be a holding company with two subsidiaries: South West Water and Viridor.
A spokesman for the company said: "Changing the name will help with investor relations and emphasise the fact that we are not just a regulated utility. Customers will still deal with South West Water."
Yesterday the company revealed plans to cut 135 jobs and streamline divisional offices in Exeter and St Austell in a bid to further reduce overheads. The announcement came as South West Water unveiled a 20 per cent fall in pre-tax profits to pounds 106.6m. The figures were hit by exceptional items but were welcomed by the City which marked the shares up 4p to 960p.
- 1 BBC election debate: The one photo that summed up the whole 90-minute leaders debate
- 2 A bottle of wine a day is not bad for you and abstaining is worse than drinking, scientist claims
- 3 18th century sex toy found in 'toilet of sword fighting school' in Poland
- 4 'I wish my teacher knew...': Young students share their 'heartbreaking' worries in notes
- 5 Rebecca Francis accuses Ricky Gervais of using 'influence' to target female hunters after receiving barrage of death threats
General Election 2015: David Cameron catching up in polls – but he badly needs a clear lead
The Hubble Space Telescope's amazing journey 25 years on
South Africa xenophobic attacks: Shops looted and violence on streets of Johannesburg as foreigners are forced to hide in police stations
Earthworms rain down from skies over Norway, puzzling scientists
18th century sex toy found in 'toilet of sword fighting school' in Poland
The only black face in the Ukip manifesto is on the page about overseas aid
Ukip is the only main political party to not address LGBT rights in its manifesto
If I’m being racially abused I don’t need a white stranger with a saviour complex to rescue me
BBC election debate: The one photo that summed up the whole 90-minute leaders debate
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
Russian warships in English Channel 'to conduct anti-aircraft and anti-submarine military drills'
iJobs Money & Business
£20000 - £25000 per annum + OTE £45,000: SThree: SThree Group have been well e...
£50000 - £667000 per annum + excellent benefits : Ashdown Group: IT Manager / ...
£13000 - £20000 per annum: Recruitment Genius: Scotland's leading life insuran...
£40000 - £45000 per annum + benefits : Ashdown Group: Training Programme Manag...