Thames Water’s debt has soared to £15.8 billion, but the new CEO claims progress is being made in transforming the company.
London: Thames Water just announced that its debt has hit a staggering £15.8 billion. But here’s the twist: they’re also showing signs of improvement in their finances.
The company’s latest report shows a 4% drop in water leakage, which is a record low. However, they did see a 40% rise in pollution incidents, mainly due to heavy rainfall.
Revenue jumped by 10% to £1.3 billion, thanks to inflation-linked price hikes for water and wastewater services. Their underlying earnings also rose by 14%, reaching £715 million.
New CEO Chris Weston is optimistic. He mentioned that they’ve made solid strides in transforming the company over the past six months. Investment levels have stayed high, which is a good sign.
Weston emphasized that getting a favorable decision from the regulator Ofwat on December 19 is crucial for their future. It’s a big deal for them.
Thames Water serves around 16 million customers in London and nearby areas, making it the largest water provider in the UK. Recently, an investment firm, Covalis Capital, expressed interest in buying the company, which could lead to some major changes.
Covalis is looking to partner with Suez, a major player in France’s water services, to help manage Thames Water. It’s an interesting development to keep an eye on.