• Swindon & Wiltshire Economy
• Wednesday July 16 2025

A drain on finances – Thames Water records £1.6 billion annual loss

Thames Water has recorded an annual loss of £1.6 billion – bringing its total debt to £16.8 billion.

The beleaguered utility firm serves customers in Swindon and northern Wiltshire and Berkshire – and is now serving them a hosepipe ban for good measure.

The slump came after the company booked a £1.27 billion bad debt provision on inter-company loans and set aside £122 million for fines from Ofwat, among other costs.

Putting on the kind of brave face that a reported £1.6 million annual renumeration affords, chief executive Chris Weston said: “Thames Water has made good progress in operational performance, despite the ongoing challenging financial situation,” said chief executive Chris Weston.

“The new organisation structure, focused on our infrastructure, brings clearer accountability and has helped our transformation continue to gain momentum.

“As a result, we have made sustained progress overall against our six critical operational priorities in 2024/25. However, that progress is not demonstrated in our disappointing pollutions outturn.”

The company remains in talks with creditors over a rescue funding deal.

The hosepipe ban for customers in the SN, RG4, RG8 and RG9 postcodes comes into effect on July 22.

Neighbouring utility firm Wessex Water – which serves Bristol, Somerset, and most of Wiltshire – will not be implementing a hosepipe ban, saying water levels are “no cause for concern” following a wet winter.