Thames Water, the UK utilities group bought by Australian bank Macquarie in December last year, increased profits for the year to March 31 and paid its former parent £225m (€331m) in dividends.

The figures refer to Thames Water group, rather than Thames Water Utilities, which is the operator of London's water network and is a subsidiary. Profits before tax at the London operation fell 22% from £347m to £270m last year.