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Pennon full-year earnings rise, dividend up 5 pct

Reuters - UK Focus

LONDON, May 20 (Reuters) - British water and environmental services utility Pennon reported a 1 percent rise in full-year core earnings on Wednesday, allowing it to pay shareholders a dividend of 31.8 pence per share, 5 percent above shareholder handouts last year.

The group, which acquired rival water supplier Bournemouth Water for 100.3 million pounds ($155.37 million) last month, saw core earnings of 411 million pounds, mainly thanks to higher profits at its Viridor recycling and waste management unit.

Pennon said it maintained its target to grow annual dividend by 4 percent above retail price inflation to 2020. ($1 = 0.6455 pounds) (Reporting by Karolin Schaps, editing by Louise Heavens)