Tideway chief paid £2.2m in bonuses

Tideway chief executive Andy Mitchell (pictured) was paid £2.2m in bonuses in the last financial year, a rise on the previous year’s £421,000 bonus.

Tideway – the company financing, building, maintaining and operating the Thames Tideway Tunnel –revealed the figures in its financial results for the year ending March 2023.

Mitchell’s total pay came to more than £2.7m in 2022/23, compared with £928,000 the previous year.

This was despite his base salary being cut from £489,000 in 2022 to £468,000 in 2023.

In the year ending March 2023, Mitchell earned a £464,000 annual bonus based on performance and a £1.77m bonus under a long-term incentive plan for hitting targets.

In the results, Tideway reported a £144.6m pre-tax profit, compared with a loss of £10.9m for the same period in 2022.

The results cover the year in which almost all underground works were completed for the super-sewer project.

The company is now preparing to commission the new infrastructure in 2024, when it will start protecting the River Thames from sewage pollution for the first time. The system is due to be fully operational in 2025 when an estimated 95 per cent of sewage overflows will be prevented from spilling into the tidal Thames. 

The first new riverside public space to be created by the project is due to open later in 2023, at Putney in Wandsworth. 

Tideway’s report confirmed that the capital cost of the project remained £4.5bn, as reported in April, 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.  

Tideway chair Sir Neville Simms said: “The past 12 months on the Tideway project have seen the most significant change in focus since we started work – with the construction phase nearing completion and attention turning to testing this new and vital infrastructure.”      

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