Train operator reports drop in profits following ‘most challenging’ year ever
Hull Trains has reported a loss of more than £2m in profits for 2018 following “one of the most challenging operational periods” in the company’s history.
In recently filed accounts, the train operator cited that last year’s poor performance was down to a number of external issues, including the Beast from the East and “catastrophic engine failure”.
Hull Trains revealed that in December 2017 a train break down took several months to repair, and the poor weather at the start of the following year damaged a further three trains.
Despite returning to full service in summer 2018, two train fire incidents within two days of one another occured in October, which “severely” reduced the company’s ability to run trains on time and prevent cancellations.
In the year ending March 31 2018, Hull Trains reported a drop in profits from £5.3m to £2.7m. Profits on ordinary activities before taxation also fell from £6.68m to £3.45m.
The operator, however, said there is “great cause for optimism” going forward, mainly due to a £60m investment into a new Hitachi fleet of trains which are scheduled to run from December 2019.
Hull Trains said that this investment will mean the company will “be operating some of the fastest, most technologically advanced and comfortable trains on the UK rail network.”
