Abellio reports increasing ScotRail losses

SCOTRAIL operator Abellio has revealed a loss of more than £64 million last year, although lockdowns and travel restrictions had only just started as the financial year ended on 31 March.

Even so, Netherlands-owned Abellio said the pandemic had a ‘significant impact’ on its results.

The pre-tax loss reported by Abellio was £64.494 million, and the operating loss was £51.6 million.

ScotRail’s farebox revenue fell by about £72 million in 2019-20 to £360.4 million, and its subsidy went up from £482.8 million to £526.3 million.

Abellio is set to lose the ScotRail franchise in March 2022, when the Scottish Government will move ScotRail back to the public sector by taking advantage of a ‘break point‘ in Abellio’s contract, because its performance levels have been below target.

Abellio said it was ‘grateful’ for the financial support provided by the Scottish Government under Emergency Measures Agreements since lockdowns began, but it also described the decision to terminate the franchise next year as ‘disappointing’, adding that it had created ‘significant uncertainty’ for the company.

source= http://www.railnews.co.uk/news/2021/04/13-abellio-reports-increasing-scotrail-losses.html

Top