Edinburgh Trams remains on course to exceed the performance targets set in its business plan, following the publication of the company’s first set of annual accounts today.
Annual accounts for 2014 show that the service generated revenue of £6.4 million in its first seven months of operation, around 3% higher than projected.
In the financial year 2014 the service carried nearly three million passengers and during the full first year of service 4.92 million travelled on the trams, around 370,000 ahead of the target set before launch.
Ian Craig, Chief Executive of Transport for Edinburgh said:
The Transport for Edinburgh Group has achieved much in its first year. Alongside successful performance at Lothian Buses, Edinburgh Trams can boast impressive passenger numbers and strong financial performance when compared against the business model. We are especially pleased with how reliable and efficient the trams have proved to be, and that they are so highly rated by our passengers. This is down to the hard work of everyone involved and is something the team can take great pride in.
Cllr Lesley Hinds, Chair of Transport for Edinburgh, said:
Everyone across the Transport for Edinburgh Group is to be congratulated for delivering a hugely successful operation over 2014. Innovations and improvements have been introduced such as new websites, customer mobile apps and refurbished Travelshops – all enhancements to the experience of passengers. Lothian Buses, and now Edinburgh Trams too, sit at the heart of life in Edinburgh, moving people to where they need to be in their millions each week, and driving our economy. These services are essential to the success of the city and I’m pleased that we’re moving forward positively.
Edinburgh Trams received a 95% overall customer satisfaction rating following an independent UK wide survey by Passenger Focus and operated with 99% service reliability. This means that reliability and satisfaction levels are among the top performing public transport operators in the UK. The business has also been shortlisted in the Rail Operator of the Year category at the 2015 National Transport Awards.
Concessionary card holders are currently accounting for 10.9% of passengers which is well within the Council’s budget which was set to ensure that Edinburgh resident card holders get free travel on the tram.
A budget to support the initial years of the tram service was agreed before launch by the Council. This budget was expected to be £0.6 million in 2014 however, as a result of strong performance, the final figure was £0.45m.