Thames Water will take decade to turn around, says boss

Thames Water will “take no less than a decade to show round”, its boss has mentioned, because the struggling firm posted large annual losses.Thames reported a lack of £1.65bn for the 12 months to March, by which its debt pile climbed to £16.8bn.The UK’s largest water and waste firm claimed “vital rainfall and excessive groundwater ranges” led to “pollutions” rising by greater than a 3rd, however mentioned it had tried to handle “most of the underlying causes of our poor efficiency”.The outcomes come as bosses are set to be quizzed by MPs later, with the corporate’s future nonetheless unsure since fears it may collapse first emerged two years in the past.Chris Weston, chief govt of Thames Water, mentioned the corporate had made “good progress” on its efficiency, “regardless of the continuing difficult monetary scenario”.Thames serves a couple of quarter of the UK’s inhabitants, largely throughout London and components of southern England, and employs 8,000 individuals.The agency continues to face heavy criticism over its efficiency lately, following a sequence of sewage discharges and leaks.The dire state of the corporate funds emerged in June 2023, however Thames managed to safe a £3bn rescue mortgage earlier this 12 months to stave off collapse.