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Thames Water, the UK’s largest water company, has reported a 40% increase in pollution incidents in the first six months of the year. The news comes as the ailing business continues to struggle with swingeing debt levels, which stood at just under £16bn at the end of September – up 7% year-on-year.
The company attributed the rise in pollution to the record rainfall seen in the UK in the first half of the year. Despite the rise in incidents, Thames’s boss Chris Weston said the company had made “solid progress” in its efforts to turn things around.
The company posted pre-tax profits of £249.6m, up 20% on the previous year. However, an insider told the BBC that if it weren’t for its debt levels, Thames would be, “in reasonable shape financially”.
Thames’s future as a going concern rests on the outcome of plans to secure up to £3bn in funding over the next few years. The first tranche of £1.5bn could arrive as early as February, but the company needs an injection of cash from investors, in addition to any incoming funding, in order to avoid running out of money in the first quarter of 2025
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