TfL Results: Rail journeys on the up, but buses and trams start to falter
The TfL annual report for the year ended 31 March 2015 shows that the number of passenger journeys continues to increase on the rail side, but stagnated on the bus, and fell in the tram sectors.
Passenger journeys on London Underground (LU) were up 3.2% at 1.305 billion (2013/4: 1.265 billion); up 8.5% on the Docklands Light Railway (DLR) at 110.2 million (2013/14: 101.6 million); and up 3.0% on London Overground (LO) at 139.8 million (2013/14: 135.7 million).
However, journeys on London Buses increased only 0.1% to 2.385 billion (2013/14: 2.382 billion); increased traffic levels, road improvement schemes and industrial disputes were cited as contributory factors.
And patronage on London Trams (Tramlink) fell by 1.0% to 30.9 million (2013/14: 31.2 million) after successive years of growth.
LU revenues increased 5.4% to £2.410bn (2013/14: £2.286bn), and LU operating expenditure was 3.5% higher at £2.630bn (2013/14: £2.542bn). Bus revenue increased 2.5% to £1.538bn (2013/14: £1.501bn), but bus operating expenditure was 3.6% higher at £3.098bn (2013/14: £2.990bn). London Rail (LR) revenues (DLR, LO and Tramlink) improved 9.1% to £336m (2013/14: £308m), while LR operating expenditure actually fell 0.2% to £421m (2013/14: £422m).
For TfL as a whole, gross revenue rose 5.7% to £5.039bn (2013/14: £4.790bn), of which tube, bus and rail made up around 85%. Total TfL expenditure increased 4.1% to £7.055bn (2013/14: £6.774bn).
Total grant income fell 14.2% to £4.560bn (2013/14: £5.312bn); of which the revenue grant was slashed by 27.9% to £1.071bn (2013/14: £1.485bn), and the capital grant was 8.9% down at £3.489bn (2013/14: £3.828bn). Expenditure on Crossrail accounted for nearly half of the latter total: £1.582bn (2013/14: £2.023bn).
Total debt increased 8.2% to £8.514bn (2013/14: 7.867bn), but finance costs were down 6.9 % at £450.7m (2013/14: £484.1m).