Home Business NewsBusinessBusiness Growth News Despite a ‘deterioration’ in water leakages Thames Water reveals almost £400m in profits

Despite a ‘deterioration’ in water leakages Thames Water reveals almost £400m in profits

by LLB Finance Reporter
5th Dec 22 12:31 pm

Over the past six months Thames Water has revealed they have made almost £400m in profit despite a soaring number of leakages throughout the summer which then led them to announce a drought.

The water company said that they have made “good progress” in turning around a following of operational changes.

In the six months to 30 September Thames Water revealed on Monday pre-tax profits jumped to £398 million compared to a pre-tax lose of £581 million during the same period in 2021.

During the half year Thames Water said revenues had increased from 3% to £1.1 billion amid an increase in their tariffs.

Sarah Bentley, chief executive officer of Thames Water, said, “The difficult external environment has increased the challenge of our turnaround.

“Notwithstanding this, we’ve continued to make progress in the last six months.

“In this tough macro environment, we’ve also not been immune to high inflation, particularly the surge in energy costs.

“However, we’ve still delivered solid financial results and continued to ramp up the investment in our network to create a better future for our customers, communities and the environment.”

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