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Thames Water has enough cash to survive until next May
09/07/2024
£2.1bn has been invested in the network, but debt has risen by £1.2bn
Thames Water has enough cash available to it to fund the company’s operations until next May. The beleaguered operator’s debt has risen by £1.2bn over the last twelve months and now stands at £15.2bn.
In Annual Results released this morning the company said that it had achieved the lowest ever annual average leakage level (570.4ml/day), representing a year-on-year reduction of 7 percent. But the number of polluting incidents had risen to 350 from 331 in 2022. A 40 percent increase in the average rainfall was blamed.
Investment in the aging water and sewage network stood at £2.1 billion during the year.
Chris Weston, CEO of Thames Water said: “The challenges we face are well documented, but our operational and financial performance for the last year show good progress, and these positive results provide the right foundations on which to build and improve.
“We’ve delivered year-on-year improvements in our key water metrics, with leakage at its lowest ever level, and we’re supporting more customers through our social tariffs. Revenue, EBITDA and operating cash flow all grew strongly, supporting a record £2 billion of investment in our infrastructure that will ultimately improve asset resilience, environmental performance, and customer service. Our teams should be immensely proud of what they’ve delivered during a difficult year and for maintaining focus on what matters most to our customers.
“We have set out an ambitious business plan for the next five years, and I believe that with consistent leadership and priorities, time and resources, and the appropriate regulatory determination, we will turn around this business and make it perform for all our customers, the environment and our wider stakeholders.”
Thames Water now plans to speak with potential investors and creditors to secure the company’s future past May 2025.
Published: by Banbury FM Newsteam