Tramlink Nottingham confirm losses of over £20 million

In their account deposited at Companies House shortly before Christmas Tramlink Nottingham, operators of Nottingham Express Transit, have confirmed that they made a loss of £21.4 million in the 12 months to 31st March 2021. In figures which are likely to be repeated elsewhere within the UK after the significant fall in passenger numbers caused by the long-running pandemic there was a 23.4% fall in underlying operational turnover which although offset partly by the Department for Transport grants still led to a significant loss.

The figures are released along with a statement from the company directors which explains more: “During this period the company has benefitted from targeted government and local government support to all public transport operators which has enabled it to maintain an essential service to the people of Nottinghamshire which connects them directly to the Queen’s Medical Centre and other health service and essential service locations.”

At the worst point in the pandemic passenger numbers were down by 95% and have still yet to return to pre-pandemic levels showing the scale of the problem for Nottingham Express Transit.

In order to drive further growth of the system a number of new initiatives are being introduced on NET including increasing the penalty fare fine as a part of a crackdown on fare dodging, using special ticket promotions and investment in new ticket machines.

The CEO of Tramlink Nottingham, Tim Hesketh, said: “We remain in unprecedented times but the long-term future of the tram is secure and through the clear commitment from our key partners and our continued investments, the tram is well-placed to bounce back from the challenging economic conditions. The tram will continue to play a big role in Nottingham’s plans for the future including the green recovery of the city centre. A big thank you to all of our staff, partners and the support from our loyal customers.”

This entry was posted in Nottingham Express Transit. Bookmark the permalink.