Thames Water reports a return to profitability for the 12 months to the end of March, following a previous year of losses. The company says it records an annual pre-tax profit of £226.4 million, compared with a loss of £1.65 billion the year before. Several outlets also report a post-tax profit for the period, linking the turnaround to higher customer bills. However, the results also show a worsening debt position. Sources state that Thames Water’s net debt rises to about £20 billion, described as swelling even as the business returns to profit. Overall, the accounts present a mixed picture: improved financial performance on profit measures, alongside further balance-sheet pressure from the company’s large outstanding obligations. The reported figures cover the same reporting period and are presented as part of the company’s latest annual results, reflecting both the impact of regulatory and pricing changes and continued financial strain from existing debt.