Thames Water has announced a 50% rise in interim profits compared with last year’s figures – picture shows the company’s leakage detection team at work in Central London.

Thames Water has released its six-monthly results showing that its leakage rates are lower than ever – and its profits are up by around 50%, compared with the same period last year.

The utilities company cited its ‘back to basics’ strategy as the reason for its success, having spent the last six months focusing on core water and wastewater service targets, and strictly controlling its non-essential expenditure.

David Owens, Chief Executive Officer of Thames Water, said: “Capital investment is up and on track to be at around £1 billion, the largest annual investment ever undertaken by a water company. Investment will flow to the number of major projects currently underway, improving security of water supply, addressing leaks and improving wastewater outputs.

“Profits are up on the previous reporting period, to £199.7 million…this reflects improved operational efficiency and the effects of business rationalisation. A full company securitisation process was successfully completed, providing us with greater access to finance and the benefit of lower interest payments, enabling further capital to be invested in our infrastructure.”

Thames Water is now preparing for the future by building a 25 year strategy: “The process of transformation has begun at Thames Water. We are squarely focused on getting our services right for our customers,” he added.