TfL results – all modes did well but London Overground did best

TFL’s annual report for the year ended 31 March 2014 recorded across the board increases in all public transport journey modes – Underground, Buses, DLR and Tramlink – but London Overground lead the pack with traffic up by nearly 9%.

Group results:  Gross fare income (from all five public transport units) increased 7.6% to £3.807bn (2012/13: £3.539bn) and revenue from concessionary also went up to £308.7m (2012/13: £294.6m). These two farebox categories account for over 85% of TfL’s total revenue. The other 15% comes from the congestion charge, commercial advertising and umpteen other (non public transport) sources.

If these additional income sources are included total group revenue grew 6.5% to £4.790bn (2012/13: £4.496bn), but total group expenditure rose 4.4% to £6.774bn (2012/13: £6.490bn). This produced a net cost (or loss) of £1.984bn (2012/13: £1.995bn), which was offset by total grant funding of £5.312bn (2012/13: £ £5.464bn). After taking this and other charges into account this resulted in a surplus before tax of £2.937bn (2012/13: £3.067bn).

The total grant support comprised £1.485bn in revenue support for un-remunerative services, and £3.828bn for capital expenditure projects (including £2.098bn on Crossrail).

Nominal TfL debt increased 4.4% to £7.898bn (2012/13: £7.565bn), and finance costs (including interest) rose to £484.1m (2012/13: £466.0m).

Underground: Although fare revenue increased 7.6% to £2.286bn (2012/13: £2.124bn), this was outweighed by a proportionally greater rise in operating expenditure, up 10.4% to £2.542bn (2012/13: £2.302bn). Passenger journey numbers rose 2.9% to 1.265 billion (2012/13: 1.229 billion), but the number of scheduled journeys ran dropped from 97.6% to 97.5%.

Overground: Fare revenue rose sharply by 19.2% to £149m (2012/13: £125m), and passenger journey numbers grew 8.9% from 124.6 million to 135.7 million. Completion of the orbital route is considered to be the main factor for this. The number of scheduled journeys ran also improved from 96.1% to 96.6%.

Buses: Fare revenue increased 5.9% to £1.501bn (2012/13: £1.418bn), and passenger journeys were 2.9% up to 2.405 billion (2012/13: 2.335 billion).The number of scheduled journeys operated increased slightly from 97.6% to 97.7%.

DLR: Fare revenue increased 6.6% to £130m (2012/13: £122m) with passenger journeys 1.6% up to 101.6 million (2012/13: 100 million). DLR boasts the highest number of scheduled kilometres run, which have grown from 98.8% to 99.3%.

Tramlink: Passenger journeys were 3.7% up on the previous year at 31.2 million (30.1 million), and the number of kilometres ran was also high at 98.8% (from 98.2%).

651/Jul 14

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