If you are a shareholder, Thames Water has no doubt done well.

But to the vast majority of consumers, its performance has been dismal.

Figures show that in 2005-6, the company lost 894m litres of water through leaks every day 34m litres a day more than the industry regulator Ofwat's target.

We already have a hosepipe ban, and it is likely that a drought order will follow soon. At the same time, Thames Water has recorded a 31 per cent increase in pre-tax profits to £346.5m.

Is this the performance of an efficient, well-run company with its customers at heart?

It is true that outside London, it has managed to plug many of the leaks.

But it is struggling to meet wastage targets in the capital.

The company reminds us constantly how much money it invests, and how low rainfall is the reason for the hosepipe ban.

Now we have official confirmation from Ofwat that Thames Water is partly to blame.

Consumers will expect profits to be invested in better services rather than ending up in the pockets of shareholders.