Thames Water boss warns of decade-long turnaround as losses hit £1.6bn | Thames Water

The boss of the United Kingdom’s largest water company will take at least ten years to reverse the problematic Thames Water, as it has lost an annual loss of £ 1.6 billion.

Although the loss from 12 months to March 31 to March 31 increased by 8.7% to £ 2.7 billion, it comes after a profit of £ 154 million in the previous year.

Thames Water is trying to accept a rescue plan financed by its creditors because it is trying to balance its finance and prevent its collapse and a potential temporary nationalization.

General Manager Chris Weston said: uz We are advancing with the plan of capitalizing the work that will see that our senior creditors have returned to a more stable financial basis.

“This will come with the obligation to re -adjust the regulatory landscape and accept that it will take at least ten years of reversing Thames.”

The damage included a provision of £ 1,27 billion against a loan that was not considered to be saved from the parent company, a financial cost of financing, £ 285 million, and the cost of £ 33 million to consultants for £ 65 million.

The water company tried to secure the emergency financing last year while fighting under a pile of debt of 20 billion pounds.

In his annual report, Thames issued a warning war warning that the executives expect the re -capitalization process to be accepted ”.

Weston claimed that the company has made good progress in operational performance despite the ongoing challenging financial situation. It reduced water leaks by 13.2% and home complaints fell to 16.6%, but total pollution increased from one third to 470%.

Weston said: “The pollution was adversely affected by rainfall and high groundwater levels, but we made progress to address most of our bad performance, including being more proactive in sewage cleaning.

“While this work is disappointed, we are sure that it will turn into future environmental performance, even though it is not reflected in performance improvement during the year.”