I disagree. Given the railway has a lot of fixed costs, and a lot of that extra traffic will be achieved without any increase in operating costs (ie fuller trains) then it is beneficial.Thanks for posting this.
The headline for me is that while passenger journeys have increased by 7%, revenue has increased by 6%, so that's less revenue per passenger journey than the same time last year. That isn't great news when the government is intent on reducing subsidy to the railways. You really want revenue growth to be ahead of passenger journey growth, otherwise the railways are going to get to the position of needing to put on longer trains or increase services to cater for demand, but can't afford to do so.
Obviously there comes a point where increased traffic does drive the need for more carriages or even a more frequent service, but even then fixed costs will still be a high proportion of the overall cost base, and any increase in provision (and thus marginal cost) will be carefully considered to make sure that the business case stacks up.
== Doublepost prevention - post automatically merged: ==
Having done a bit of analysis of the revenue figure, it's stark how far behind pre-COVID levels it is. Looking at a 12 month rolling average, we are still only at 87%, using "real" (ie inflation adjusted) figures. At the current rate of increase, it will take another 2 years to reach pre-COVID levels - at the moment we are roughly at 2014 levels.
To my surprise, all sectors are below - I would have expected long distance to have recovered quicker, but it's the opposite. Looking at Q1 figures only the comparison with Q1 2019 are:-
Long Distance: 84%
L&SE: 91%
Regional: 94%
(Graph below shows a steady upward trend from 1995 to 2020, followed by a collapse during COVID, rapid recovery at first, but now a more modest growth, and the end point still 13% below the pre-COVID peak.)

Last edited: