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Railhub Archive
1997-06-19 LRT-002
London Regional Transport


London Transport achieves higher profit margins with more services on the tubes and buses

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London Regional Transport
annual reports

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London Regional Transport

London Transport achieves higher profit margins with more services on the tubes and buses

19 June 1997
source London Regional Transport
type Press release

More than two billion journeys were made on London Transport services last year, the highest number since 1988. More services were operated, with a record level of train kilometres and the highest level of bus kilometres for the last 25 years.

This helped create a gross operating surplus for London Transport’s continuing operations of ?9 million - an increase of ? million - despite the effects of strike action on the Underground. This is ?0 million a year better than five years ago when there was a gross operating deficit of ?0 million.

This outstanding financial result and London Transport’s commitment to investment for the future are the main features of the LT Annual Report released today.

During 1996/7, ?058 million was invested in the network of which ?0 million related to the Jubilee Line Extension.

Investment in the existing Underground network was ?4 million, 25% less than the previous year as a result of meeting additional JLE costs. A further ? million was provided to facilitate the construction of Croydon Tramlink.

The Government provided a total grant of ?1 million. However, for the third year running, London Transport did not require a Government subsidy for day-to-day operations, a position unique among major operators of long established transport systems.

During the year the temporary closure of some parts of the London Underground network was unavoidable while vital reconstruction work took place. In spite of these closures, and the additional setback of seven days of strike action, train kilometres operated increased by 3% and customer satisfaction remained high.

There was a 3% growth in bus patronage during the year coupled with a 1% increase in kilometres travelled.

New Sunday bus services were introduced on a trial basis to test levels of demand which have resulted from the Sunday Shopping Act. The extended use of midibuses has enabled more frequent services and the introduction of new routes into previously inaccessible residential areas.

LT’s Chairman, Peter Ford, commented: "Investment in the existing London Underground network was directed towards vital infrastructure projects, the benefits of which are not always readily apparent to our customers. We are, however, providing an increasingly frequent service and are introducing new and refurbished trains on several lines. London Transport Buses has confirmed its commitment to improving London? air quality by providing financial assistance to bus operators to make increased use of cleaner fuels and by funding the fitting of exhaust catalysts on the Routemaster fleet. Our goal at all times will be to improve the reliability and quality of both Underground and bus services throughout London at a reasonable cost to the public."

Other highlights of the year include:

o ROUTES computerised journey planning system launched in the Travel Information Call Centre.

o Electronic Point of Sale touchscreen machines start to be introduced at external ticket sales outlets.

o First refurbished Piccadilly Line trains enter service.

o Service frequency doubled on wheelchair accessible Stationlink route.

o All 20 kilometres of tunnels on the Jubilee Line Extension completed.

o Talking timetables introduced at Victoria Coach Station.

o The new Stratford Bus Station won the Civic Trust Design award for raising awareness and standards through design.

o COUNTDOWN electronic bus stop information given London-wide go-ahead.

o City branch of Northern Line reopened after successful completion of works at Old Street and London Bridge.

o State-of-the-art control room opened at Brixton Underground station.

o Work began on Croydon Tramlink.

o SEEBOARD Powerlink became preferred bidder to supply and distribute high voltage power to London Underground.

o Refurbished Centrecomm, LTB’s 24-hour emergency communications centre officially opened.

o Safety on the track video "it’ll never happen" won the ICVA Grand Prix award.

London Transport's Annual Report is available at a cost of ? and is on sale at LT’s Travel Information Centres and the LT Museum in Covent Garden.

Railhub Archive ::: 1997-06-19 LRT-002


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