The Great Permacrises

Thames reported an increase in annual profits to £157.3m, but boss Chris Weston said the company was facing a difficult time, with strengthening its financial position “a critical priority”.

Eh? How can a company in profit be scheduled to run out cash in the next financial year?

Thames’ results showed that it paid two dividends worth a total of £158.3m to two of its holding companies in March this year.



The Board takes the payment of dividends extremely seriously and
took the view that the payment of these dividends was required for
the financial stability of the operating company

:white_check_mark: Can’t touch us Ofwat we said we took it seriously and it’s for stability

two interim dividends totalling £158.3 million in March 2024 to enable Kemble Water Eurobond plc and Thames Water Limited to settle amounts owing to the Company for group relief surrendered, and Kemble Water Eurobond plc to make pension contribution payments to the Thames Water Pension Scheme and Thames
Water Mirror Image Pension Scheme defined benefit schemes on behalf of the Company.

Looks like it’s shifting money around

Anglian Water just been made to pay £50,000 after not handing over records in the sewage investigation. They basically need to put their hand down the back of the sofa.

The response was meh that’s hardly anything so must not be a significant failure. Not an apology for being caught withholding environmental data.

The water company said it was “disappointed” but the “low level of sentence” reflected that “this was not a significant failure”.