Wales and the Borders
Operator: TfW Rail (Transport for Wales)
From 7 February 2021, taking over from Keolis/Amey JV
| Period to: | 31/03/2024 | 31/03/2023 | Change | 31/03/2022 | 31/03/2021 | 31/03/2020 | 31/03/2019 | Change since 2019 |
| £000 | £000 | % | £000 | £000 | £001 | £000 | % | |
| Fares Income | 148,394 | 129,281 | 14.8% | 92,418 | 25,424 | 144,057 | 161,251 | (8.0%) |
| Other income | 37,232 | 24,858 | 49.8% | 17,912 | 10,312 | 31,744 | 53,087 | (29.9%) |
| Total Revenue | 185,627 | 154,138 | 20.4% | 110,330 | 35,736 | 175,802 | 214,338 | (13.4%) |
| Operating Costs: | ||||||||
| Staff | 224,310 | 184,602 | 21.5% | 161,926 | 154,120 | 138,999 | 127,839 | 75.5% |
| Diesel Fuel | 22,568 | 19,966 | 13.0% | 15,593 | 15,730 | 17,830 | 21,535 | 4.8% |
| Rolling Stock | 57,275 | 47,435 | 20.7% | 62,387 | 58,978 | 62,983 | 51,517 | 11.2% |
| Track access | 61,892 | 59,222 | 4.5% | 58,094 | 54,730 | 60,999 | 67,889 | (8.8%) |
| Other | 160,944 | 105,066 | 53.2% | 93,543 | 102,543 | 77,118 | 81,473 | 97.5% |
| Total | 526,989 | 416,291 | 26.6% | 391,542 | 386,101 | 357,929 | 350,255 | 50.5% |
| Operating Profit before grant/premium: | (341,362) | (262,153) | 30.2% | (281,212) | (350,365) | (182,127) | (135,917) | 151.2% |
| Net subsidy/premium | 341,387 | 262,170 | 30.2% | 281,219 | 348,898 | 185,568 | 152,313 | 124.1% |
| Operating Profit | 25 | 17 | 44.4% | 7 | (1,466) | 3,441 | 16,396 | (99.8%) |
| Margins | ||||||||
| Operating Margin pre-grant | (183.9%) | (170.1%) | (254.9%) | (980.4%) | (103.6%) | (63.4%) | ||
| Operating Margin post grant | 0.0% | 0.0% | 0.0% | (4.1%) | 2.0% | 7.6% | ||
| Operating Profit to Operating Cost | 0.0% | 0.0% | 0.0% | (0.4%) | 1.0% | 4.7% |