Thames Water profits surge in spite of rising complaints

The troubled utility giant Thames Water remains embroiled in discussions with its creditors over a crucial rescue package, even as it reports a surge in revenues alongside a rise in customer complaints stemming from increased bills.

- HOLLY WILLIAMS KARL MATCHETT

Thames Water said it had cut pollution spills by a fifth, as profits reached £414m for the six months to September. The company raised its customers' bills substantially, by almost a third (31 per cent), earlier this year.

The group said customer complaints had surged by three-quarters to 55,158 in the half-year, as revenues reached close to £2bn for the period. Despite the return to profit, there remain concerns over the ongoing viability of the firm, which has around a £17.5bn debt load.

In addition, the most recent financial filing revealed that Thames Water had paid £57m across six months in fees to advisers on the rescue process, including bankers, lawyers and PR consultants.