Data gathered and calculated by Learnbonds.com indicates that ticket prices continue to be the leading source of income for Transport For London. The data shows that during the 2018/19 period, TFL made £4.5 billion from passenger ticket prices alone.
TFL revenue grows by 5.1%
During the period under review, TFL’s revenue from all subsections was £5.6 billion, an increase of 5.1% from the 2017/18’s £5.3 billion. Under passenger services, The London Underground remained the highest source of income at £2.7 billion. Buses generated £1.4 billion while Reil and Elizabeth’s brought in £528 million.
According to the report:
“Despite having other sources of revenue, the TFL majorly depends on passenger fares income. ”
Other operations generated an income of £59 million followed by central items at £32 million. From non-passenger initiatives rent, advertising revenue was £243 million.
In running the TFL services, the gross expenditure increased by 1.2% from £6.2 billion to £6.3 billion. The London Underground had the highest gross expenditure at £2.3 billion. Other expenditure came running the buses (£2.1 billion), Streets (£539 million) and Elizabeth Line was (£245 million).
Over the last few years, TFL has been putting in place measures to reduce the cost of running London’s transport system. By 2018/19, TFL had lowered its costs to one third from three years ago. The group is actively cutting costs through maintenance savings and contract renegotiations.
Currently, one of TFL’s top priorities is to adapt to the loss of £700 million in funding from the central government.