Let's put some real numbers on XC Trains, taking most recent accounts at Companies House
TRANSPORT UK EAST MIDLANDS LIMITED - Free company information from Companies House including registered office address, filing history, accounts, annual return, officers, charges, business activity
find-and-update.company-information.service.gov.uk
Accounts are year to 31 March 2025, but more recent ORR quarterly data to 31/3/26 shows 10% growth in passenger km in a year (5% further distance, 5% growth in passenger numbers), so likely year to Mar 2026 will be about 10% extra
Year to Mar2025 Turnover £521.8m
Per note 5 franchise subsidy £-28.2m (paid back, not received)
and £-4m subsidy adjustment (ie appears refunded £32m subsidy to Govt)
They also received £2.9m fixed fee income and £6.7m for performance
After paying out subsidy, the net loss was £0.37m
Interest & financing received and paid was £5.1m gain
So with interest, had profit before tax of £4.5m
After paying £1.3m Corporation Tax, profit was £3.2m
So common myth, that XC are a heavily subsidised basket case, appears not to reflect in numbers, it actually appears they pay Government
What about current finances?
even if assume fares didn't change, the 10% growth suggests revenue now closer to £575m, but as fares went up Spring 2025, income probably nearer £600m
That suggests probably making a surplus of £35-40m before having to pay subsidy (which because it is paid out rather than received, might be easier thought of as a levy, rather than negative subsidy)
So could XC afford to lease more trains ?
Handily note 18 in accounts tells us how much was paid in lease liabilities £43.9m. They have around 400 carriages, so around £110k per vehicle per year. Leasing costs appear to be only about 8% of the costs
If were to take on say 30 extra vehicles (perhaps 6 x 5car 221s for example) then would not be needing extra subsidy based on extra income.
Of course if have bigger fleet, need more staff, and staff costs of £146m are about 28% of their costs, so maybe the real problem is the failing to sort the crew in both sets, and regularly leaving one locked out.