Thames Water boss warns of decade-long turnaround as losses hit £1.6bn

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It will take at least a decade to turn troubled Thames Water around, the boss of the UK's biggest water company said, as it slumped to a 1.6bn annual loss.

The loss for the 12 months to 31 March comes after a profit of 154m the previous year, even though revenues climbed by 8.7% to 2.7bn. It had net debt of 16.8bn, up from 15.2bn the year before.