KPI: Operating Expenditure
Full year operational expenditure.
Overview
TfW’s total operational expenditure for 2023/24 is in line with the revised funding letter for Rail. The increase from 2022/23 reflects the cost of increased services such as new rolling stock, maintenance and frontline service costs. Ticket revenue has increased by 15% from prior year.
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2022/23 £312.2M |
2023/24 £396.9M |
Well-being of Future Generations Act (WFGA) goals addressed:
1. A Prosperous Wales
Forward look
We continue to review and challenge net spend across TfW to manage costs effectively and ensure value for money. We are promoting ticket retailing channels which are more efficient and are delivering our revenue protection strategy. We are capitalising on our advertising and retail units to generate additional revenue by attracting customers with improved services and ticketing initially for rail and becoming multi modal in the longer term.
KPI: Capital Expenditure
Full year capital expenditure.
Overview
TfW’s capital expenditure for 2023/24 is dominated by the spend on the Core Valley Lines rail programme for transformation including electrification and introduction of new rail rolling stock. Other expenditure includes grant funding to local authorities for active travel as well as spend on the Cardiff Bus Interchange for the fit out. There are other projects such as the Taffs Well Rail Depot within the financial year.
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2022/23 £536.5M |
2023/24 £446.4M |
Well-being of Future Generations Act (WFGA) goals addressed:
1. A Prosperous Wales
Forward look
We continue to plan capital projects and manage spend which holds similar challenge across the UK with respect to both access to materials, resources and the cost associated.
KPI: Ticket Sales
The revenue earned from rail ticket sales; this is commonly referred to as Passenger Revenue (although Farebox Income is used interchangeably across the industry).
Overview
Revenue from rail ticket sales has grown year-on-year from 2022/23 to 2023/24 reflecting both the increase in the number of services provided as well as recovery to pre COVID levels. This increase was primarily driven by the growth in the number of passenger journeys taken.
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2022/23 £129.3M |
2023/24 £148.4M |
Q4 2023/24 £43.4M |
Well-being of Future Generations Act (WFGA) goals addressed:
1. A Prosperous Wales
Forward look
We’ll continue to seek ways to enhance the customer experience to generate further growth in rail passenger journeys to drive revenue growth. We’ll deliver more dynamic revenue management pricing across the network and explore a more innovative approach to fares and pricing during 2024-25. We’re also delivering our revenue growth marketing strategy. This will look to capitalise during an exciting year as more new trains enter service on our network and work to improve the experience for our customers continues with improvements to our app and website and expansion of our pay-as-you-go offering.
