Watch Business Live with Ian King: Thames Water secures additional £750m from shareholders and rules out nationalisation Full story here:
Interim co-chief executives, Cathryn Ross and Alastair Cochran, said the review of its turnaround plan was continuing but signalled there was no threat of being placed in special administration."It was an extremely challenging year for Thames Water and the water industry", the pair wrote.
"Our network came under unprecedented pressure from record temperatures, a drought and a freeze / thaw event. At the same time, economic factors also impacted our financial results with high inflation driven by a surge in energy and chemical prices."Despite this, we are in a robust financial position. We had £4.4bn liquidity as at 31 March 2023 and are extremely fortunate to have such supportive shareholders.
"Their commitment to delivering Thames' turnaround and life's essential service is reflected in the largest equity support package ever seen in the UK water sector, whilst taking no dividends out." They added:"We're fixing more leaks and customer complaints have continued to fall significantly. We have also increased investment in our networks and assets to record levels as we undertake a detailed review of our ageing Victorian asset infrastructure to determine what needs to be done to improve operational resilience and performance over the long-term."
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