Merseyrail hails record profits of ?15m
Merseyrail has reported record sales following a series of major events across the region.
The business behind the train operator generated a turnover of £185.6m for the 12 months to January 7, 2023, newly-filed accounts with Companies House have revealed. The total compares to the £163m it achieved in the prior year.
The documents have also revealed that Merseyrail’s[1] pre-tax profits jumped from £2.7m to £15.1m during the same period, its highest total since before the pandemic. The company made a loss during the height of the pandemic.
Merseyrail was awarded a 25 year deal in 2003 to provide rail services on behalf of Merseytravel and has two 50% shareholders, Serco Group and Abellio. It has 68 stations, with terminus sites at Southport, Ormskirk, Kirkby and Hunts Cross on the Northern line and New Brighton, West Kirby, Chester and Ellesmere Port on the Wirral[4] line.
A statement signed off by the board said: “During FY 2023, the rail industry saw the commencement of industrial action. This disruption was not only across our network, but industry wide. This factor, coupled with rising inflation and a looming cost-of-living crisis, meant that the business needed to continue to grow passenger revenues and maximise other revenue streams where possible.
“FY 2023 saw passenger confidence grow as large-scale events returned to the region. As a result, our revenue recovery and growth for FY 2023 has been strong and we are now operating at 85% of pre-pandemic levels.
“During FY 2023 the business continued to operate a fleet of 54 class 507/508 electric trains whilst the testing phase of the new fleet of state-of-the-art 777 trains commissioned by Merseytravel continued. However, on January 23, 2023, the 777 trains entered service on the Kirby line. A phased implementation plan to roll out the 777 trains across our network will be undertaken during FY 2024.
“The directors are pleased with the performance of the business in the year. Recovery continues to be strong and the positive performance has enabled the business to invest in both its customers and employees.”
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References
- ^ Merseyrail’s (www.liverpoolecho.co.uk)
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- ^ Liverpool John Lennon Airport more than doubles passenger numbers (www.liverpoolecho.co.uk)
- ^ Wirral (www.liverpoolecho.co.uk)