joining me now is swetha ramachandran, fund manager at artemis investment management. good to have you with us. give me a sense about what this tells us about the industry, prioritised in the 805, put into private hands, they said at the time that would be a great idea, because it would allow investment in what was already a creaking industry. there doesn't seem to work like that, does it? i there doesn't seem to work like that, does it?— that, does it? ithink the issue many _ that, does it? ithink the issue many of— that, does it? ithink the issue many of these - that, does it? | think the| issue many of these walk i55ue many of these walk companie5 i55ue many of these walk companies have faced —— water companie5 if it is debt. a lot of it has been floating rate debt affected by inflation, which means their revenue is about 25 to 25% of revenues on aggregate today are going to service their debt payments, 5ervice their debt payments, rather than being able to be reinvested in the business itself. �* , ., itself. but there will be an argument _ itself. but th