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Thames Water posts profit after 40% bill hike, net debt rises
The UK water provider swung to £113m post-tax profit for the year to end-March, but net debt climbed to £18.5bn and it reported a 77% jump in customer complaints.
Thames Water returned to full-year profit after raising customer bills by 40% last year, posting post-tax income of £113m for the 12 months to the end of March, according to BBC Business.
The company’s finances also worsened at the same time, with net debt rising to £18.5bn from £16.8bn, as it said bill revenue is not enough to fund the infrastructure upgrades needed to modernize aging, historically underinvested water systems.
Thames Water said pollution incidents fell by 18% and it missed just over half of its performance targets, but customer complaints increased 77% in a year, with bill complaints accounting for more than three quarters of the total.
BBC Business also noted the reporting came after the UK government rejected a proposed rescue deal in June, pushing lenders and the firm closer to nationalisation. The results follow expectations that a new Burnham government will be decided, and Thames Water said it had enough debt funding to keep operating until the end of 2026.