Thames Water returns to profit after 40% bill hike, debt rises to £18.5bn

Thames Water posted a £113m post-tax profit for the year to March, reversing a £1.51bn loss, after raising customer bills by 40%.

• Thames Water reported post-tax income of £113m for the 12 months to March, compared with a £1.51bn loss the previous year.
• The company's net debt rose to £18.5bn from £16.8bn as it continued to fund operations through debt and internal cash flows.
• Chief executive Chris Weston said the company is "performing better" as a result of turnaround progress.
• The government in June rejected a proposed rescue deal that would have involved leniency on pollution fines in exchange for debt write-off and new investment.