Reduced losses of £26m reported by tram operator

Keolis and its subsidiary Nottingham Trams Limited run the city's network as part of the Tramlink consortium

Nottingham's tram network operator has reported reduced losses of more than £26m – down by £31m from the year prior.

Documents published on Companies House reveal Tramlink Nottingham Limited (TNL) made losses of £26.2m up to March 2024.

The figure has decreased by more than half than in the previous financial year when losses of £57.1m were reported.

Tramlink said it was "operating from a robust position which looks set to continue" into next year.

Passengers numbers have also risen from 14.4m to 15.5m, while turnover increased by 1.5% to £64.2m from £63.3m.

The company increased the cost of its fares at the beginning of the year, and again in the summer.

'Stronger position'

Insufficient revenue from fares continues to pose "some liquidity risk" for the company, but the company adopts a "prudent approach" to liquidity management, the documents said.

They added that NET Phase One and Two tram line operations, which are subcontracted to TNL were "operating satisfactorily".

A statement from Tramlink said the network was continuing "to trade in line with projected expectations".

Tim Hesketh, chief executive of Tramlink said: "After a challenging few years, it's promising to see that we're now in a much stronger position, and we'd like to thank the City council and Department for Transport for all their support.

"We would also like to thank our customers for their continued support over the last year, during which we delivered a 7.4% increase in passenger kilometres travelled, as well as increased tram reliability. We look forward to building on this in 2025."

Last year's loss figure was largely down to assets decreasing in value following a review, known as impairment.

Over the past year, the operator has continued in its efforts to crack down on fare evasion, with the relaunch of its "zero tolerance" campaign.

Figures revealed a 45% month-on-month rise in Penalty Fare Notices issued during the first month of its launch.