Dec 6, 2018
Thames Water leak woes hit profits
Thames Water has reported a big fall in half-year profits, saying extreme weather has hindered its ability to fix leaks and overhaul its infrastructure. Underlying pre-tax profits fell by nearly half to £67.7m, from £129m a year earlier. Since 2017, Thames Water has been fined more than £128m for poor management of leaks. The future of the water industry has recently become a hot political issue, with Labour saying it will take it back into public ownership if elected. Water firms were sold off by the Conservative government of Margaret Thatcher in 1989.
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