Thames Water - comment

We previously wrote that the company and creditors are closely aligned in the negotiations. They are united by a common command of arithmetic that is worryingly lacking at the various regulators and the treasury. Comments by the CEO that the turnaround will take at least a decade reflect that front line and echo our own model on the subject. As yet, we have not seen much progress in the talks. 

The company released its March 2025 annual results this morning and confirmation of creditor consent to postpone the drawing its next £157m tranche from end-of-June to end-of-July.