Thames Water: the numbers

  • Paid no corporation tax
  • Received a £5million credit from the Treasury
  • Revenues rose by £1.8million
  • Made £549million in underlying pre-tax profits
  • Increased bills by inflation-busing 6.7%
  • Chief Executive Martin Baggs will receive pay rise to £450,000 plus a £274,000 bonus
  • Mr Baggs in line to collect a further £366,000 next month as part of a long-term incentive plan
  • Firm said its taxable profits were reduced by allowances on its £1 billion-a-year investment programme
  • Leakage of 646 million litres a day, up from 637 million litres

We recognise, however, that regardless of these exceptional circumstances, we have not always provided the best service to our customers.

Over the past financial year exceptional weather conditions have presented tough challenges for the business.

The period began with a drought, following the driest two-year period on record, and ended with widespread flooding after becoming England's rainiest 12 months on record.

Despite these challenges we have for the third year running carried out a further £1 billion of improvements to our networks, while the average household bill in our region is the second-lowest in the country."

– Martin Baggs, Chief Executive, Thames Water