Interim financial statements

Last reviewed:
Thames Water Utilities Limited (“Thames Water”) is pleased to announce its interim results for the six months ended 30 September 2016.

The next chapter for Thames Water

  • Chief Executive Officer Steve Robertson joined in September 2016.
  • New Chief Financial Officer Brandon Rennet appointed and will join in March 2017.
  • Transfer of retail non-household business to Castle Water, for circa £99 million, announced in July 2016 and on-track to complete at business retail market opening in April 2017.

Maintaining robust finances

  • £540.9 million investment as part of huge c. £4 billion AMP6 (2015-20) investment programme to benefit customers, the environment and future generations.
  • A3 (Moody's) and A- (S&P) Class A credit ratings reaffirmed.
  • Maintained third lowest combined water and wastewater bill in England and Wales.
  • £127.3 million underlying profit before tax (for the six months ended 30 September 2015: £216.8 million), excluding impact of net losses/gains on financial instruments.

Customers at the heart of what we do

  • 50% reduction in second stage complaints. Resolved 95% of complaints first time.
  • 450,000 customers now using online account management system.

Reducing environmental impact

  • 90,000 smart meters, which use state-of-the-art wireless technology, installed by 30 September 2016 to put customers in charge of their bills and help protect water resources.
  • 127 GWh of energy generated from sewage after investment in technology – a 26% increase on the first six months of 2015/16 and saving £15 million off the energy bill.

Zero incidents

  • Achieved two million man hours without an injury leading to lost working time for the first time.

CEO, Steve Robertson said

“Doing the best for customers has always been my priority, and it will be no different at Thames Water. We’re hugely privileged our customers invest in our business every year, through their bills, and we have a duty to them to get things right now and for future generations.

We have a lot to be proud of – our massive investment into the business has been driving efficiency and network resilience, while our customers still benefit from the third lowest combined water and wastewater bill in the country. We’ve lagged behind others in our customer service in recent years, but we’re seeing record performance in resolving complaints first time and we’re working hard to accelerate our rate of improvement. I’m excited to be leading Thames Water as we invest for our customers and begin the next chapter of our story.”

For further information please contact Sarah Davies on sarah.davies@thameswater.co.uk or 07747 642349.