Rail News

MTR Announces Steady Growth as it Continues to Expand its UK Operations

MTR Corporation, which holds the Crossrail concession and will soon take over the South Western franchise as part of a joint venture, has announced steady global revenue growth as it continues to expand its UK operations.

Also a shortlisted bidder for the West Coast Partnership, and Wales and Borders franchises, MTR reported increases of 40.8% in group revenue and 15.3% in underlying post-tax profit in its half-year results for 2017, published today.

MTR
Class 345 at Shenfield By Sunil060902 – Own work, CC BY-SA 4.0

MTR’s UK Operations

MTR will take over the operation of the South Western franchise in August in a joint venture with FirstGroup. As part of this, First MTR South Western Trains Limited will deliver £1.2 billion of investment which will improve both rail services and customer experience.

Related Post:  BLS Will Not Run Long-Distance Services in 2020 Due to SBB Complaint

In recent months, MTR has also introduced the first of a new fleet of state-of-the-art trains on the TfL Rail-branded part of the Crossrail route between London Liverpool Street and Shenfield. Punctuality on the line has increased by 3.8% to 95% since MTR took over the operations in 2015. Services into Paddington and through central London will follow in 2018, when the route will officially be renamed the Elizabeth Line.

Reputation for Improving Services

MTR has a track record of improving punctuality and reliability on services around the world. In Europe, MTR’s Stockholm Metro achieved a record 97.7% punctuality last year, and MTR Express was named best rail operator in Sweden in a leading passenger survey last year, with punctuality on this award-winning service between Stockholm and Gothenburg regularly 10% higher than its competitor on the same route.

Related Post:  Crossrail Ltd: Our Plan to Get Back on Track

MTR also began operating Stockholm’s Pendeltåg commuter railway in December 2016 and opened the new Citybanan rail link in central Stockholm last month.

Jeremy Long, CEO of MTR, European Business, said:

“MTR has a widely recognised reputation for efficiency, operating performance, and quality of delivery and this is reflected in these results. We have a long track record of improving services for passengers, and this will be our absolute focus when we begin operating the South Western franchise.”

MTR’s financial results for the first half of 2017 include:

  • Global revenues (including Mainland of China property development) up 40.8% to£2.95 billion (HK$30 billion)
  • Global profit from recurrent businesses (excluding investment property revaluation) down 8% to  £442 million (HK$4.5 billion)
  • Underlying profit, which includes property development profit, up 15.3% to £575 million (HK$5.8 billion)
Related Post:  Siemens UK: Gender Pay Gap at Almost 20 Percent

Original article © MTR.

FOR ALL THE LATEST INFORMATION, NEWS, IMAGES, VIDEOS AND ARTICLES ON ALL ASPECTS OF RAILWAY SERVICES, PLEASE CLICK HERE

News categories

    08 May 2019
    Network Rail Awards Crossrail Station Contracts to Hochtief and Graham
    29 Apr 2019
    Industry Insider Week 17 – 8 Must-Read Rail News Stories
    26 Apr 2019
    Crossrail Ltd: Our Plan to Get Back on Track
    07 Jan 2019
    MTR Corporation Gets New Generation of Light Rail Vehicles
    08 Oct 2018
    Almost 1 Million Passenger Journeys on Hong Kong High-Speed Rail to Date
    26 Sep 2018
    Services Start on Guangzhou-Shenzhen-Hong Kong High-Speed Rail
    03 Sep 2018
    Elizabeth Line: Opening of Central Section Delayed Until 2019
    30 Aug 2018
    MTR Will Operate Guangzhou-Shenzhen-Hong Kong High-Speed Rail Line
    Subscribe
    Subscribe to Railway-News
    Get the latest contract alerts and Railway News emailed directly to your inbox.

    We respect your privacy and take protecting it seriously.

    Please tick to confirm you would like to receive emails we think may be of interest to you. We sometimes tailor the content you see to what we think you'll find interesting, and so monitor your interaction with our website and email content (find out more).