Thames Water talks over rescue plan ongoing as bill hikes drive revenues higher

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Troubled supplier Thames Water has said it remains locked in talks over its proposed rescue deal with creditors as it revealed soaring revenues and customer complaints due to bill hikes.

Transcript

00:00So yes, the latest update from troubled Thames Water. They say they remain locked in talks

00:11over its proposed rescue deal with creditors. It has revealed soaring revenues but also

00:18perhaps unsurprisingly soaring customer complaints due to bill hikes. Thames Water is of course

00:25Britain's largest water supplier but it's currently about a staggering 20 billion pounds

00:31in debt. They are in talks with a consortium of its main creditors named London and Valley

00:38Water which has submitted plans to pump investment into the utility and write off debts in return

00:45for more lenient performance targets. But Thames Water warned there was still a material

00:52uncertainty over whether the deal would be secured and therefore its ability to continue

00:59as a going concern. Half-year results from the provider revealed underlying earnings surged

01:07to 1.2 billion pounds for the six months to September 30th compared with 750 million pounds

01:14a year ago. Revenues rose by 42 percent thanks to those bill increases which it also said helped

01:20fund 1.3 billion pounds of capital invested to fix. Leaks cut sewage stills and improve

01:26water quality. It said it cut pollution stills by a fifth but also revealed customer complaints

01:32had soared by three quarters to over 55,000 after those bill hikes by a hefty 31 percent in April.

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