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Tuesday 30 June, 2020

Thames Wtr Util. Ltd

Annual Financial Report

RNS Number : 4956R
Thames Water Utilities Limited
30 June 2020
 

Thames Water Utilities Limited

30 June 2020

 

THAMES WATER UTILITIES LIMITED

ANNOUNCE PUBLICATION OF ANNUAL REPORT AND ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2020

 

Thames Water Utilities Limited announces the publication of its annual report and accounts for the year ended 31 March 2020. Copies of this report are available through the Thames Water website.

 

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Key highlights:

· Robust response to the impact of Covid-19, ensuring resilient supplies and extra support for customers, communities, care homes and hospitals

· Recorded the industry's biggest reduction in leakage this century to exceed target. Fixed 200 leaks every day, on average

· Reduced water supply interruptions by more than half

· Vast majority of 3.6 million households moved to new relationship management and billing platform to boost customer experience and reduce complaints

· Stonewall Diversity Champion and first water company to be awarded Disability Confident Leader status

· Sarah Bentley to start as new CEO on September 1, 2020

 

Ian Marchant, interim executive chairman of Thames Water Utilities Limited, said:

"I'm very proud of the way our key workers have risen to the challenge during these unprecedented and rapidly evolving times, when water service resilience is more critical than ever. We've also stepped up our financial support for customers who find themselves in increasingly vulnerable circumstances, especially those affected by the virus.

"As always, reducing leakage was one of our top priorities last year. Given the age and location of much of our water network, we all knew it would be incredibly challenging, so it was really encouraging to exceed our target and drive leakage down to its lowest level since privatisation.   

"After a period of unprecedented change and refocus to get Thames Water on track, culminating in the appointment of our new CEO, we're well positioned to address the significant challenges ahead. There's still lots to do, but we've taken a good step closer to where we want to be and remain committed to building our reputation as a company that provides a resilient service in a way our customers, stakeholders and employees can be proud of."

 

The full report can be found on our website:  www.thameswater.co.uk/annualreport

 

Customer service and social contract

· Number of customers on social tariffs has more than doubled. WaterHelp tariff offers 50% reduction for low income families

· More than 80,000 customers on priority services register for extra support during operational incidents, an 18% year-on-year increase

· Deployment of new industry-leading billing and customer management system to improve experience and revenue assurance as written complaints increase to 33,738 (18/19 21,108)

· Commitment to spend £2 billion in 2020/21 to make improvements for customers in a smart and efficient way

 

Generating public value

· £1 million to be invested in independent trust fund and £400,000 donated to new relief fund to support community partners in financially vulnerable circumstances due to Covid-19

· More than 100 sites - including Walthamstow Wetlands - open to the public for free, offering recreational and educational activities and promoting a healthier wellbeing

· Engaged with over 35,000 young people to promote care for water and inspire the next generation of engineers

· Self-generated over 23% of our electricity needs as part of our commitment to net zero carbon emissions from our operations by 2030

 

Financial overview

· £513.4 million underlying1 operating profit (Mar 19: £474.1 million restated)

· £244.6 million total profit after tax (Mar 19: £103.3 million restated)

· Capital investment of £1.2 billion in our network and other assets (Mar 19: £1.2 billion), with around £16 billion invested over the last 16 years

· No distributions to external shareholders for third year in a row (Mar 19: £nil). £56.5 million paid to our immediate parent company to service group interest obligations and working capital requirements (Mar 19: £60.0 million)

· Paid over £196 million in business rates, national insurance contributions, PAYE and other taxes

 

Operational performance

· Best leakage performance for more than 30 years, exceeding our regulatory target after a 95 million litres per day year-on-year reduction

· Achieved 99.97% drinking water quality compliance (Mar 19: 99.96%) to remain among the best in the industry

· Reduced water supply interruptions to 7.2 minutes per property served (2019 15.6mins)

· Best performance of the regulatory period for sewage treatment works compliance at 99.71% (2019 98.85%). Completed major upgrade of Deephams sewage treatment works

· Maintained 3-star Environmental Performance Assessment rating, but pollution incidents up to 321 (2019 295). Reducing blockages and pollutions by 10% a priority for this year

 

For more information contact Stuart White in the Thames Water press office on 07747 644364 or email [email protected]

 

About Thames Water 

Thames Water is the UK's biggest water and wastewater services provider. Our key workers provide essential services around the clock to 15 million customers across London, the Thames Valley and surrounding areas. 

For an average of just over £1 a day for our households, we provide 2.6 billion litres of drinking water and safely remove 4.6 billion litres of wastewater every day. 

We invested more than £1 billion again in 2019/20, leading to a total of £16 billion in the past 16 years, and we will continue to spend wisely on improving resilience, service and efficiency, as well as provide more support for customers in vulnerable circumstances. 

We also have additional responsibilities to society and the natural environment. What we do and how we do it delivers significant public value, which is why we have ambitious plans to self-generate more of our own power, reduce our carbon emissions and increase biodiversity across our sites. 

 

Underlying performance excludes amounts relating to Bazalgette Tunnel Limited (otherwise known as Tideway), the company responsible for constructing the Thames Tideway Tunnel 'supersewer'.


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