21 June 2024
Bazalgette Finance plc
PUBLICATION OF ANNUAL
REPORT
Publication of Annual Report and
Financial Statements for year ended 31 March 2024
Bazalgette Finance plc announces that
the Annual Report and Financial Statements for the year ended 31
March 2024 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/3036T_1-2024-6-20.pdf
http://www.rns-pdf.londonstockexchange.com/rns/3036T_2-2024-6-20.pdf
http://www.rns-pdf.londonstockexchange.com/rns/3036T_3-2024-6-20.pdf
Tideway's report details
a year in which substantial construction works
were completed and commissioning of the new infrastructure
began.
The company also marked the completion of work at five construction
sites and opened the first new piece of riverside public realm at
Putney Embankment.
Protection of the River Thames will
begin later this year as testing of the new system starts. The
super sewer is due to be fully operational in 2025.
Tideway's report confirms that the
capital cost of the project remains £4.5bn, while the cost of the
project to water bill payers remains well within the original
estimate set at the beginning of the project in
2015.
Chair Sir Neville Simms announced in
April 2024 that he would be stepping down from his role in
September, after nine years leading the organisation and with the
construction phase now complete.
In his final foreword, Sir Neville
commented on the success of the model used to finance and deliver
the project and reflected on his career in UK
infrastructure.
He said: "While there remains
important work to be done to bring the system into full operation,
what has been completed to date is testament not just to the tens
of thousands of people who have contributed to the project, but to
the financing model. Consideration of this model for other major
infrastructure investment is a clear endorsement of its utility and
success - alongside a cleaner river, this is central to Tideway's
legacy.
"The construction industry has
changed immeasurably since I began my career many years ago, and it
is a privilege to sign off in this, my last role, as Chair of
Tideway - a project that has proved to be an exemplar in many ways,
raising industry standards in health safety and wellbeing, as well
as through its financing and delivery."
Tideway CEO Andy Mitchell, said: "The
fact that the Thames and its precious ecosystem will soon be
protected provides hope for the future at a time of unprecedented
concern for the health of our waterways. It also demonstrates that
the UK, leading an international team, can successfully deliver
complex infrastructure."
Tideway also today published its
final standalone Sustainability Report, which details the
impact of the project's legacy programme with many elements having
now been completed.
For further information, please
contact:
investor.relations@tideway.london
press@tideway.london
James Carew
Tel: 0203 009 0257
Mob: 07989 653050
Bazalgette Finance plc
Blue Fin Building,
110 Southwark Street
LondonSE1
0SU