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Thames Water has reported an increase in operating profit of nearly 9 per cent, as it announced its results for the year ended March 2016.
In a solid start to the 2015/16 regulatory period, Thames made an operating profit of £742.2 million (up from £675.6 million for 2014/15) which it attributed to sales of surplus land, as well as higher revenues.
It also reported a 49 per cent reduction in pollution incidents compared to the previous year, and a customer service SIM score that improved four points, to 76.7 out of 100; written complaints were down 23 per cent.
Its leakage reduction target was met for the tenth consecutive year, while health and safety also improved with a 28 per cent reduction in lost time injuries.
The year also saw the awarding of the licence to deliver the Thames Tideway Tunnel to Bazalgette Tunnel in August 2015, and the commissioning of the Lee Tunnel in January 2016.
Meanwhile more than 42,000 smart meters were installed, and the company also set up the Technology and Transformation Alliance set up to work alongside its existing strategic alliances, eight20 and the Infrastructure Alliance, to drive collaboration, innovation, and business efficiencies.
Further details of Thames’s operational and customer performance will follow in its annual performance report to be released later in June.
Thames Water chief executive Martin Baggs said: “We provide an exceptional product, some of the world’s best quality drinking water, to our customers and then recycle their wastewater safely to the environment. Our priority is to give them a customer service to match.
“We have seen a solid start to this regulatory period, reaching major milestones and laying foundations across the company to put us in a strong position to deliver our commitments to customers, stakeholders and the environment.
“We have continued to invest heavily in many areas of our business, with our major investment programme exceeding £1 billion on average per annum for the eleventh year in a row, while making sure our customers still benefit from the third lowest combined bill in the UK.
“We’ve set ourselves ambitious targets and we still have a way to go, but I am delighted with the progress we have made in the last 12 months. I will be handing over a great team to the new [chief executive], Steve Robertson, in September.”
A version of this article first appeared on wwtonline
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