Perhaps the changes to travel patterns since Covid could be down to:
Liverpool - Chester service cut from hourly to around 8 services per day
It's bonkers really as I used this route a number of times and it was always so busy. It's a shame that it was placed with TFW as this standard of service wouldn't be accepted by any other train operator. Mayors keep calling out TPE for their reduced timetable yet they refuse to condemn TFW because it's fully publicly owned and doesn't fit the Labour narrative.
Wrexham - Bidston service unusable
Easy options would be to close Wrexham Central (As when trains do run, they can terminate at General and catch up a few minutes of delay) and they should have kept buses in place all day, every day and tried to improve the bus service rather than forcing the unreliable trains
TFW hasn't done a good enough job at distancing itself from the industrial action in my opinion. Whenever something goes wrong now, all I hear on the ground is 'oh, are they on strike again' and then I tell people that TFW haven't been on strike for a while, it's other train operators who is on strike. They are quite shocked.
Lack of on board ticket checks
To be fair, one thing that I will praise TFW on the Marches is they do ticket checks. The issue is that because of the length of the journey and no guard wants to inconvenience too many people, it becomes a 'any tickets from [last station] and if people don't volunteer their ticket, that's the end of that so many young people get on without tickets and then just sit quiet as the guard goes through.
Competition on Chester - Manchester route (Northern’s new 195 trains to Victoria)
Northern offer advance tickets as well basically up until the train leaves. TFW doesn't. Plus for Chester-Manchester, TFW is about £7 more expensive, can be 10 minutes slower and was historically always overcrowded. Why would you pick this option?
It would be interesting to hear how they judge profitability as well because a number of routes are now being swarmed with stewards (Sword) and security like the railway has never seen before. All of the Sword staff won't be coming cheap and if their cost is pushed onto the specific routes, it's no wonder that there will be a loss at times.
The easy way for TFW to make more money on some routes is reduce the railcards they offer. They have so many railcards which give people money off and then they wonder why they make no money. Valleys student railcards giving most of Treforrest Uni 1/3rd off already cheap travel. Valleys Senior railcard, again giving cheaper travel in an area which already has travel at a reasonable price for commuter rail. If people want discounts, they can use the national schemes. There isn't much difference between the national and local schemes.
Plus you have kids go free. Upto 2 5-10 year olds at any time with a fare paying adult. Upto 2 11-16 year olds travel free outside of peak time with any fare paying adult. That can't be cheap giving away so much free travel.
TFW have not attempted to get any kind of revenue when the bus replacements are on. Yes there is the occasional revenue block but given the Welsh Government already has an agreement with Ticketer (they got loads of machines for various independents so that contactless and tap on/tap off can be a thing), get loads of handheld ticket machines for the valley lines bus replacements and then let drivers or the 300 sword staff that they employ, have them sell tickets (Given the Valleys ticketing seems to be pretty simple anyway) There you go, extra money there.
That is on top of most of what
@Llandudno said which is spot on. I dread to think as well about the amount that they spend on rail replacement for various things because either incompetent station staff (I've heard instances of people turning up late, missing their train and so station staff just walk outside and put them on a standby bus and off it goes. The person was late, that's their fault, not the railways, why are the railways paying for that?). TFW has some great days of just asking for shed loads of buses to sit on standby doing nothing. Plus the amount of buses which follow trains. And then you have TFW control who seem to request the most farcical things in the world like sending buses hundreds of miles. I wish I could share some specific stories on this public forum.