The latest set of accounts filed for Nottingham Trams Limited – who operate Nottingham Express Transit on behalf of the Tramlink consortium – have shown that although passenger numbers increased in the year to end of 2023, profits decreased.
Passenger numbers for the year ending on 31st December 2023 saw a rise to 14.4 million from 12.7 million but increased costs saw the operating profit reduce. In 2022 the operating profit was listed as £847,946 but this was down to £503,749 in 2023.
Sarah Turner, Service Delivery and Safety Director at Nottingham Trams Limited, commented: “Our financial profit is driven by hitting targets set around running Nottingham’s tram network as efficiently as possible. We’re pleased to share that we achieved an average of 95.9% availability of our services throughout 2023, but unfortunately unforeseen issues can sometimes impact our service and therefore, our profitability.
“Over the course of 2023, this included events such as flooding across the network, line damage and police incidents – all of which were unavoidable and incur financial cost to fix, while also affecting our availability figures.
“Other factors such as an increase in operating costs, including staff costs, and a rise in material costs also impacted profits in 2023. As a network, we’re continuing to work tirelessly to improve our services consistently for all of our customers across the city.”