diamond geezer

 Wednesday, March 14, 2018

Yesterday TfL published its draft budget for 2018/9. It's packed with figures for all modes of public transport, and confirms that things aren't great but they aren't awful either.

I've chosen to focus on two statistics - how much a journey costs the average passenger, and how much each journey costs TfL. In economic terms, that's Average yield per passenger journey and Operating cost per journey. What follows is data for the current financial year.

Average yield per passenger journey: £1.94
Operating cost per journey: £1.87

The average passenger making the average tube journey pays £1.94, but that journey only costs TfL £1.87 to run. That's good news for TfL, it means they're making 7p on every journey. Technically TfL don't make a profit, they pump all the extra back in as investment, but it's good to know the tube is "paying its way".

Average yield per passenger journey: 65p
Operating cost per journey: 96p

Bus fares may be £1.50, but the average income from the average passenger is less than half of that. That's partly thanks to the Hopper fare, but mostly because older people pay nothing. However, funding each bus journey costs 31p more. It means TfL are financing London buses as a public service, rather than as a profit-making enterprise.

Average yield per passenger journey: £1.85
Operating cost per journey: £3.17

Crossrail's not up and running yet, so the average yield refers to TfL Rail - a single line out to Shenfield. At present that's raking in approximately the same amount of money per journey as the Underground. But the operating cost is much larger, and next year it increases even more, up to a whopping £5.19 per journey. TfL says this is due to "the growth in services and, in particular, the introduction of central section access charges." Nevertheless, Crossrail will be feeding a lot more passengers onto other services, and TfL expect its overall financial contribution to be positive.

Overground: Yield £1.23, Cost £1.46
DLR: Yield £1.41, Cost £1.13
Trams: Yield 85p, Cost £1.23

The Overground loses money. The DLR makes money. Trams are essentially expensive buses.

Bike Hire
Average yield per passenger journey: £1.16
Operating cost per journey: £2.41

It's an open secret that TfL's bike hire scheme is losing money. Hiring a bike costs a minimum of £2 a day, but riders are clearly enjoying several journeys for that money, hence the average take is lower. Meanwhile maintaining the infrastructure, and especially "moving the bikes around to where they're needed", is relatively much more expensive.

Average yield per passenger journey: £4.31
Operating cost per journey: £2.63

This may be the surprise. The cable car has one of the highest operating costs per journey, but also by far the highest yield. £4.31 is a massive take, and strongly suggests that the majority of passengers are willing tourists (paying £4.50) rather than Brits using contactless or Oyster (£3.50). Every upsell of that miserable sponsored museum must help too. And next year the figures are predicted to get even stronger, "because of a new retail village at the O2", with the yield up to £4.82(!) and the operating cost down to £2.34. The Dangleway's passenger numbers may be on the slide, but TfL have faith that their highest yielding mode is looking up.

<< click for Newer posts

click for Older Posts >>

click to return to the main page

...or read more in my monthly archives
Jan19  Feb19  Mar19  Apr19
Jan18  Feb18  Mar18  Apr18  May18  Jun18  Jul18  Aug18  Sep18  Oct18  Nov18  Dec18
Jan17  Feb17  Mar17  Apr17  May17  Jun17  Jul17  Aug17  Sep17  Oct17  Nov17  Dec17
Jan16  Feb16  Mar16  Apr16  May16  Jun16  Jul16  Aug16  Sep16  Oct16  Nov16  Dec16
Jan15  Feb15  Mar15  Apr15  May15  Jun15  Jul15  Aug15  Sep15  Oct15  Nov15  Dec15
Jan14  Feb14  Mar14  Apr14  May14  Jun14  Jul14  Aug14  Sep14  Oct14  Nov14  Dec14
Jan13  Feb13  Mar13  Apr13  May13  Jun13  Jul13  Aug13  Sep13  Oct13  Nov13  Dec13
Jan12  Feb12  Mar12  Apr12  May12  Jun12  Jul12  Aug12  Sep12  Oct12  Nov12  Dec12
Jan11  Feb11  Mar11  Apr11  May11  Jun11  Jul11  Aug11  Sep11  Oct11  Nov11  Dec11
Jan10  Feb10  Mar10  Apr10  May10  Jun10  Jul10  Aug10  Sep10  Oct10  Nov10  Dec10 
Jan09  Feb09  Mar09  Apr09  May09  Jun09  Jul09  Aug09  Sep09  Oct09  Nov09  Dec09
Jan08  Feb08  Mar08  Apr08  May08  Jun08  Jul08  Aug08  Sep08  Oct08  Nov08  Dec08
Jan07  Feb07  Mar07  Apr07  May07  Jun07  Jul07  Aug07  Sep07  Oct07  Nov07  Dec07
Jan06  Feb06  Mar06  Apr06  May06  Jun06  Jul06  Aug06  Sep06  Oct06  Nov06  Dec06
Jan05  Feb05  Mar05  Apr05  May05  Jun05  Jul05  Aug05  Sep05  Oct05  Nov05  Dec05
Jan04  Feb04  Mar04  Apr04  May04  Jun04  Jul04  Aug04  Sep04  Oct04  Nov04  Dec04
Jan03  Feb03  Mar03  Apr03  May03  Jun03  Jul03  Aug03  Sep03  Oct03  Nov03  Dec03
 Jan02  Feb02  Mar02  Apr02  May02  Jun02  Jul02 Aug02  Sep02  Oct02  Nov02  Dec02 

eXTReMe Tracker
jack of diamonds
Life viewed from London E3

» email me
» follow me on twitter
» follow the blog on Twitter
» follow the blog on RSS

my flickr photostream