Southwest Water owner Pennon's profit rises on waste recycling

(Reuters) - Pennon Group reported an 8.3% jump in full-year earnings on Thursday, as strong performance by its waste recycling unit helped the UK water utility and waste management company offset higher costs at its South West Water business.

Underlying pretax profit rose to 280.2 million pounds for the 12 months ended March 31 from 258.8 million pounds reported a year earlier, the company said.

Pennon, which along with other water utilities has been rattled by plans set out by the Labour Party for a return to state ownership, added re-nationalisation to its risk factors without giving any further details.

(Reporting by Muvija M in Bengaluru; Editing by Rashmi Aich)