BUSINESS LIVE: Thames Water reveals turnaround plan; SSP reinstates dividend; THG buys Biossance

The FTSE 100 will open at 8am. Among the companies with reports and trading updates today are Thames Water, SSP Group, THG, Marston’s, Ashstead, Moonpig and Quiz. Read the Tuesday 5 December Business Live blog below.

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Thames Water reveals turnaround plan

Debt-laden Thames Water has revealed a three-year turnaround plan as Britain’s biggest water utility seeks to ease concerns over its financial stability.

It is feared the group, which said it had a high level of liquidity, could buckle under the weight of its £14billion debt prompted the government to ready a rescue plan earlier this year, before the company’s financial investors agreed to invest additional equity in July.

A supplier of water to 15 million customers, more than a fifth of Britain’s population, Thames Water said on Tuesday that it had total liquidity of £3.5billion, as well as further funding resources, and added that its shareholders supported its investment plans.

‘Our shareholders support this much needed investment, underscoring their commitment to delivering Thames’ turnaround,’ Co-CEOs Cathryn Ross and Alastair Cochran said.