Thames Water Utilities Limited has published its half year results for the six months to 30 September 2024.
In it, the water company reported:
- 10% growth in underlying revenue to £1.3 billion
- Underlying EBITDA of £715 million, up 14% reflecting higher revenue and operating cost discipline
- Underlying profit after tax of £187 million, an increase of £46 million
- Statutory loss after tax of £190 million includes post tax exceptional costs of £427 million and income related to Bazalgette Tunnel Limited
- Capital expenditure of £1.0 billion to maintain high levels of investment in ageing assets and to improve network resilience
- Underlying operating cash flow of £605 million, an increase of £26 million.
Chief Executive Officer, Chris Weston, said:
“In the last six months we’ve made solid progress on the transformation and turnaround of Thames Water.
“After recognition from Ofwat with an improved performance ranking, we have continued to improve operational and underlying financial performance, with leakage at an all-time low and investment remaining at high levels in the first half of the year. After record rainfall and groundwater levels in our region, pollutions and spills are unfortunately up; however, we’ve been increasing pipe relining and cleaning, and the landmark Thames Tideway Tunnel, now in its testing phase, is already reducing overflows into the Tidal River Thames.
“At the same time, we’ve reached key milestones in establishing a more stable financial platform, agreeing a liquidity extension transaction proposal and progressing our equity raise process. The next critical step is receiving an investable Final Determination which is fundamental to our future.”
GMB, the union for water workers, has responded to Thames Water’s half yearly results. Gary Carter, GMB National Officer, said:
“Thames Water is sinking in debt and the Government needs to step in.
“Right now the company is being squashed by an ever-increasing debt mountain, on increasingly arduous terms, that make meaningful recovery virtually impossible.
“It’s time this disastrous experiment in privatisation was recognised and steps taken to return the company to the public sector.
“Customers and staff deserve so much better than to pay for the total incompetence of management and the regulator.”
