PENNON GRP

Pennon Group said Friday it is on track for a strong return to profitability, with earnings expected to rise about 60% this fiscal year, as the British water utility halved pollution incidents.

South West Water Finance, a unit of British utility Pennon Group, has raised 300 million British Pounds to help fund a major overhaul of its infrastructure.

Pennon Group announced Friday that Chief Executive Officer Susan Davy has decided to retire, the latest in a series of sweeping leadership changes at the U.K. water utility over the past year.

Pennon Group's South West Water unit will invest 24 million British Pounds to improve its wastewater systems, avoiding a potential fine from the UK's water regulator, Ofwat.