BREAKING: Good Morning Britain interrupted for ‘BREAKING NEWS’ as host shares SH0CKING Update
Good Morning Britain was interrupted as the programme shared an urgent update. Sean Fletcher, who joined presenters Richard Madeley and Charlotte Hawkins in the studio, announced that Thames Water has reported an annual pretax loss of £1.65 billion. He told viewers: “Breaking news in the last hour. Despite customers being charged with higher bills, Thames Water has reported a loss of over £1.6 billion for the past year, down from a £157 million profit the year before.
“In the annual report, Thames said the loss is down to fines imposed by the regulator and costs associated with trying to save the company from collapse. The company also paid their CEO just over £1 million.” Chris Weston, chief executive of Thames Water, said: “We recognise that our current gearing is too high and, to address this, we are progressing with our Senior Creditors’ plan to recapitalise the business which will see us return to a more stable financial foundation.
“This will come with a requirement to reset the regulatory landscape and acknowledge it will take at least a decade to turn Thames around.”
He added the firm has made “good progress in operational performance, despite the ongoing challenging financial situation”.
It comes after the water company booked a £1.27 billion bad debt provision on intercompany loans and set aside £122 million for fines from Ofwat, among other costs.
Its annual report indicated that its net debt ballooned by an additional £1.65 billion throughout the year, while also admitting to a “disappointing” track record on pollution and sewage leaks.
These disclosures emerge as the company continues negotiations for rescue funding deal with senior creditors, especially after KKR, a private equity firm, abandoned its proposal to provide crucial financial support last month.
The latest figures indicate that Thames Water’s debt has soared to £16.8 billion. On Monday, the company announced a hosepipe ban for customers in Oxfordshire, Gloucestershire, most of Wiltshire and some parts of Berkshire, which will begin next Tuesday.
The water company said the temporary measure will be brought in after the Environment Agency placed its area into the “prolonged dry weather category”.
News
I watched my ex-husband’s engagement party stop breathing the second I walked in pregnant with triplets beside a man far more powerful than him.
You keep staring at Fernando Castillo’s photograph on the laptop screen long after the old fan in the rented room begins to rattle like loose bones in the ceiling. There is something almost offensive about how composed he looks in…
I saw a homeless man wearing my missing son’s jacket — and I decided to follow him.
The last time I saw Daniel, the house was full of morning light. It streamed through the tall kitchen windows in pale winter bands, illuminating the floating dust in the air and turning the steam from my coffee into…
My neighbor turned my garden into her dumpster—so I brought her a GIFT she’ll never forget.
People see the wheelchair before they see me. They always do. It rolls into view first—quiet, metal, practical. A machine that announces limitation before a man even opens his mouth. And once they’ve noticed it, everything else becomes secondary. My…
SIX WORDS IN A U.S. HEARING JUST REOPENED ONE OF AMERICA’S DARKEST UNANSWERED QUESTIONS.
The six woгds thɑt fгoze the гoom: Keппedy coгпeгs Boпdi oveг Epsteiп’s deɑth — ɑпd heг ɑпsweг oпly deepeпs the mysteгy A heɑгiпg гoom goes still It wɑs just six woгds. But iп thɑt pɑcked coпgгessioпɑl heɑгiпg гoom, they lɑпded…
He looked me in the eye, ordered me to erase my brother’s disaster, and expected me to say yes
PART 1 – The Table Already Set By the time Kesha Williams turned onto her parents’ block on the South Side, the sky had the color of old pewter, and the wind coming off the lake had sharpened into something…
THEY FORGOT I HAD ALREADY COUNTED EVERY DOLLAR THEY EVER TOOK FROM ME.
PART 1 – Immersive Opening & Emotional Hook By the time Kesha Williams turned onto her parents’ block on the South Side, dusk had already begun to settle over Chicago in that blue-gray way that made every house seem to…
End of content
No more pages to load
