KPI: Operating Expenditure

The latest full year actuals for operational expenditure against full year budgeted operational expenditure.

 

Overview

The full year outturn is aligned with the TfW Budget within the Business Plan and the revised funding letter received from Welsh Government.

2023/24 FY Spend

£354.6M

2024/25 FY Forecast

£376.6M

2024/25 FY Budget

£379.6M

 

Well-being of Future Generations Act (WFGA) goals addressed:

1. A Prosperous Wales

 

Forward look

We continue to review spend across TfW to identify risks and opportunities. We build management challenge and efficiency savings into the budget setting process.

 


 

KPI: Capital Expenditure

The latest full year actuals for capital expenditure against full year budgeted capital expenditure.

 

Overview

The full year outturn is aligned to the TfW Budget within the Business Plan plus subsequent funding adjustments agreed with Welsh Government, all reflected in the final funding letter. The majority of spend was on the Core Valley Lines and new trains for the transformation of the services.

2023/24 FY Spend

£446.4M

2024/25 FY Forecast

£358.0M

2024/25 FY Budget

£331.9M

 

Well-being of Future Generations Act (WFGA) goals addressed:

1. A Prosperous Wales

 

Forward look

We continue to review spend across TfW to identify risks and opportunities. We build management challenge and efficiency savings into the budget setting process.

 


 

KPI: Revenue from 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

In 2024/25, Revenue from Ticket Sales increased significantly compared to 2023/24, growing at 17.8%. A key driver for this increase was the growth in passenger journeys, particularly on shorter-distance journeys, with the South-East Wales Metro area and the North-East of the TfW network seeing particularly strong growth. The phased expansion of demand-led pricing across the network helped to drive a significant proportion of the strong growth in revenue Year-on-Year.

2023/24

£148.4M

2024/25

£174.8M

Q4 2024/25

£51.9M

 

Well-being of Future Generations Act (WFGA) goals addressed:

1. A Prosperous Wales

 

Forward look

In 2025/26, the continued expansion of demand-led pricing and contactless Pay-As-You Go ticketing across the network will be key to driving up revenue. Customers will also benefit from the continued transformation of the network as we take steps to maximise revenue and enable reinvestment into improving the services we offer.

 


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