Thames Water half-year profit leaps to more than £400m after it raises bills by third

Thames Water reported a £414 million profit for the half-year ending September, a significant increase from a £149 million loss in the same period last year. This profit surge follows a 31% increase in customer bills in April, leading to a 40% revenue jump to nearly £2 billion. Despite the profit, Thames Water warns of "material uncertainty" regarding its future, potentially leading to government control due to its £17.6 billion debt and ongoing negotiations with lenders and regulators. The company faces pressure to reduce sewage spills, which decreased by 20%, while complaints increased by 75% following the bill hikes. Thames Water's future hinges on restructuring its debts and reaching an agreement with lenders to avoid potential nationalization.

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