Thames Water Swings to Profit After Raising Customer Bills
The UK's largest water company reported a pre-tax profit of £113 million for the fiscal year ending March, a significant turnaround from the previous year's substantial loss.
Thames Water has reported a post-tax profit of £113 million for the 12 months concluding March 31, marking a financial recovery after increasing customer bills by 40% in the past year. This profit contrasts sharply with the £1.51 billion post-tax loss recorded in the preceding fiscal period.
Despite the return to profitability, the company's net debt increased to £18.5 billion, up from £16.8 billion in the prior year. Thames Water stated that it continued to finance its operations through a combination of debt and internally generated cash flow.
Chief executive Chris Weston commented on the company's performance, stating, "The progress we have made in turning the company around has meant we are now performing better." The company's financial report indicates an improvement in its operational and financial standing following the bill increases implemented to support its business.