TFW 2024/25 Annual Report

[Caaardiff]

Transport for Wales has published their 2024/25 Annual Report and figures reveal that more people are using the rail network and positively impacting revenue figures for the not-for-profit organisation.

Key figures from the report include:

• 31.7 million train journeys made by customers – up a fifth from last year;
• 17.8% increase in rail revenue to £174.8 million;
• 77.1% of journeys made on new trains as of 24 May 2025;
• 1.2 million journeys on TrawsCymru bus contracts that TfW run – 11.4% increase on last year;
• £47 million of Active Travel funding distributed.

Link to media post: https://news.tfw.wales/news/tfw-ann...i_suuUrM0RQJC54srg_aem_SWyTaAGtVv8rRHShXYGEWA

Link to full report: https://tfw.wales/about-us/transpar...kZzEkdDE3NTMyOTI0NTUkajQxJGwwJGgxODAyNTM2MDU0

 

[Randomer]

20% increase in passengers year on year isn't bad at all.

The most interesting thing to me is actually the TFW Fibre operating company. Had no idea they had set it up but it makes a lot of sense if you are already laying fibre and have rights of way up into the valleys. Very much like the early days of Mercury Communications.

 

[Krokodil]

20% increase in passengers year on year isn't bad at all

Presumably partly down to suppressed demand on the Valley Lines while the electrification was ongoing.

 

[The exile]

Presumably partly down to suppressed demand on the Valley Lines while the electrification was ongoing.

Wouldn't that still apply for quite a lot of the reporting year 2024 - 2025?

 

[Krokodil]

Wouldn't that still apply for quite a lot of the reporting year 2024 - 2025?

Possibly, I haven't checked the exact dates of when the lines reopened. I certainly expect some significant boosts once the project is complete and Metro services start in full.

Another reason for significant gains will be increases in capacity. The Marches is certainly better off than it was in the past in this respect - busy 3-car 175s have been replaced by equally busy 5-car 197s and Mk4 sets. Sadly we still keep seeing 2-car units out on their own on Saturdays on the coast.

 

[TravelDream]

The Marches is certainly better off than it was in the past in this respect - busy 3-car 175s have been replaced by equally busy 5-car 197s and Mk4 sets

It's incredible how busy some of the five car services are on the Marches line. Hard to believe 2-car services were not at all unusual just a few years ago.

 

[Envoy]

It's incredible how busy some of the five car services are on the Marches line. Hard to believe 2-car services were not at all unusual just a few years ago.

Which seems to suggest that people were avoiding the trains because of the overcrowding. Just goes to show that you get new trains with working air con and have enough capacity, that you can attract new business.

 

[The exile]

Which seems to suggest that people were avoiding the trains because of the overcrowding. Just goes to show that you get new trains with working air con and have enough capacity, that you can attract new business.

The over-proportional bounce back in the leisure travel market will have helped as well.

 

[Dr Day]

XCs issues in relation to reliability and crowding as well as fares on North West-South West rail traffic will have nudged some via the Marches too.

 

[LNW-GW Joint]

TfW's finances are pretty much incomprehensible to the layman, such is the complexity of the funding structure.
The figures that stand out (p83) are the "franchise subsidy" of £370m, and the "passenger receipts" of £175m which cover about a third of total costs.
The 2024/25 figures are both about £25m up on 2023/24.
We'll have to see what changes will apply when GBR is formed and the industry's structure and finances are reorganised.
TfW employs 10% more staff than last year (4574).

Also noted (p6) that one of the four TfW businesses, TfW Innovation Services, is the KeolisAmey-TfW joint venture, mainly working on the SW Metro and new trains programmes.
So the private sector is still playing a part in TfW's operations.

 

[185]

Still the bad from the past creeping in. Yesterday's 1055 Cardiff Manchester & the busy backworking 1430 Manchester Cardiff was another 2-car 197.

 

[Snow1964]

Having been shown how to skim read corporate reports by an old timer about 25 years ago, the key is to to look at the remainder to filter the bits they don't tell you. The real info is generally in bits not highlighted.

A phrase like improved 70% of our divisions, means 30% stayed still, or got worse (and they never explain these). Or TfL saying 77.1% in new trains as at May means 23% weren't (although previously said renewing all stock).

So using this old technique to find the questions and problems, here goes....

19.1% increase in passengers, great, but did seat numbers increase the same , or does that mean more crowding.

But then it says First class travellers and revenue rose a third, as that is growing faster than overall passenger numbers, does that mean need higher proportion of First class (logically yes, but not seeing much expansion of faster growing area)

The £64m depreciation applied to rail network, are they saying they are letting assets eg station buildings etc deteriorate by that much, it's not rolling stock which is leased or long paid for and already depreciated. Some of it could be new electrification, but surely that has a life of decades (notes say 44 years).

Fair pay disclose shows 75% of employees earn (including benefits) over £41k, median is £54,195 and top 25% earn £68,785

Trade receivables has jumped from £5m to a whopping £48m, a strangely large amount for a business where customers are expected to pay before travelling (and don't get to pay later). That suggests to me some ticket sellers or bank/credit card companies haven't paid over revenue promptly.
The credit risk note says none were beyond due date, so have to assume someone has sanctioned these extra trade receivables

https://tfw.wales/sites/default/files/2025-07/TFW%20-%20Annual%20Report%20Main%20Content-%20Accessible.pdf