Annual Financial Report

Bazalgette Finance PLC

17 June 2025

 

17 June 2025

Bazalgette Finance plc

PUBLICATION OF ANNUAL REPORT

Publication of Annual Report and Financial Statements for year ended 31 March 2025

Bazalgette Finance plc announces that the Annual Report and Financial Statements for the year ended 31 March 2025 for Bazalgette Finance Plc, Bazalgette Holdings Limited and Bazalgette Tunnel Limited have been published.

Copies of the accounts have also been submitted to the National Storage Mechanism and are available for inspection at:  

http://www.rns-pdf.londonstockexchange.com/rns/2407N_1-2025-6-17.pdf 

http://www.rns-pdf.londonstockexchange.com/rns/2407N_2-2025-6-17.pdf 

http://www.rns-pdf.londonstockexchange.com/rns/2407N_3-2025-6-17.pdf 

Bazalgette Tunnel Limited (trading as Tideway), the company building London's super sewer, has published its latest annual report and accounts, detailing a year in which the new infrastructure began protecting the River Thames for the first time.

The new tunnel system adds more than a billion-and-a-half litres of capacity to the existing sewerage network and will protect the Thames from sewage pollution.

The report details a pivotal 12 months for the project, in which the system was brought 'online' in sequence, and was fully connected in February. Soon after, His Majesty The King visited the project to mark the milestone.

Tideway CEO Andy Mitchell said: "This has been a landmark year for Tideway - the moment we moved from building to protecting. After years of construction beneath London, the tunnel is now doing its job.

"Seeing the data on flows through the tunnel - the volumes being diverted away from the Thames - is hugely rewarding. It's a clear sign that this vital piece of infrastructure is doing exactly what it was built to do: protect London's most important natural asset.

"The super sewer is now playing a critical role in the long-term health of the Thames and, by extension, the health and wellbeing of Londoners."

To date, the Thames Tideway Tunnel, as the super sewer is formally known, has captured more than seven million tonnes of sewage pollution that would otherwise have spilled into the River Thames.

Since the tunnel was fully connected in February, there have been zero sewage discharges from the spill points to which Tideway connected the new infrastructure.

Tideway Chair Michael Queen said: "For almost a decade, the Tideway team has been working toward its foundational mission - protect the tidal Thames from sewage pollution. This year, that mission has been accomplished, and it's thanks to the tens of thousands of individuals that have worked on this project that we are where we are.

"While there remains work to do - not least, testing the system in a range of storm conditions, and finishing the above-ground public spaces - this is a moment of transition for Tideway the company.

"Having been immersed in the construction phase for many years, we are now looking ahead to our future as an asset ownership company, as well as the bright future that has now dawned for the health of the River Thames."

The latest report also outlines how the cost of the project to billpayers remains within the estimated range set out more than ten years ago, as well the timeline for full completion ahead of the regulated 2027 date.

It also reveals that more than 40 million work hours from over 25,000 people have been contributed toward the project - still without a single major injury (or worse) since work began in 2016.

For further information, please contact:

[e-mail]

[e-mail] 

James Carew

Tel: [phone]

Mob: [phone]

Bazalgette Finance plc

Blue Fin Building,

110 Southwark Street

LondonSE1 0SU

 

END