Thames Water’s revenue surges amid bill hikes and rise in complaints
Thames Water’s profits surge after bills increase by nearly a third
- Thames Water is currently engaged in critical rescue package discussions with its creditors, despite reporting a significant increase in revenues and profits.
- The utility company's revenues rose by 42 per cent and profits reached £414m in the six months to September, primarily driven by a 31 per cent increase in customer bills.
- Customer complaints surged by three-quarters to 55,158 during the same period, directly correlating with the higher charges imposed on consumers.
- Burdened by an approximate £17.5bn debt load, Thames Water is negotiating with a consortium of creditors for a deal involving capital injection and debt write-off to prevent temporary nationalisation.
- The company has expressed "material uncertainty" regarding the successful finalisation of this deal, which is crucial for stabilising its precarious financial situation.