Transport for Wales publishes first annual report and financial statements: Tri-Mode unit on the Rhymney Line

02/10/19

Transport for Wales publishes first annual report and financial statements

Transport for Wales (TfW), the not-for-profit company driving forward the Welsh Government’s vision for transport in Wales, has published its annual report and financial statements for the 2018/19 financial year.

The comprehensive report provides an update on the progress TfW is making transforming transport for the people, communities and businesses of Wales. It also reveals some of the company’s ambitious future plans.

TfW spent £151 million during the financial year, the majority of which was invested in the Wales and Borders rail service. This expenditure also included infrastructure upgrades which are part of the £738 million commitment to the South Wales Metro. A number of South Wales Metro projects have been part-funded by the European Regional Development Fund through the Welsh Government.

Committed to providing customers with the best possible service as soon as possible, the Welsh Government-owned company begun revitalising its services during the year. TfW started to invest £40 million to improve its current fleet and fund additional services, customer experience and accessibility improvements.

Recognising that each region of Wales has its own opportunities and challenges, TfW also opened its North Wales business unit in 2018 headed by North Wales Development Director, Lee Robinson.

Public investment with a social purpose is critical to the Welsh Government’s approach to rail and in 2018/19 TfW appointed a number of suppliers to its innovative Sustainable Transport Infrastructure Delivery (STRiDe) Framework. STRiDe enables local suppliers to benefit from TfW’s investments.

TfW is a fair, inclusive and progressive employer and is building an effective social partnership recognising all relevant trades unions.

Everything TfW does supports Welsh Government policies and TfW is playing its part in delivering Prosperity for All – the national strategy for Wales. The Well-being of Future Generations Act is also at the heart of TfW’s activities. TfW’s annual report and financial statements outline progress against these and other key policies such as the Active Travel Act and the Ministerial Task Force: Our Valleys Our Future.

Commenting on TfW’s first annual report and financial statements, James Price, TfW’s Chief Executive said:

“TfW is an open and transparent organisation with a collaborative approach and I hope that our annual report and financial statements demonstrates the progress we’re making to create an integrated transport network in Wales.

“2018/19 was a busy year of transformation and growth for TfW. Looking forward, the scale of what we now have to deliver is unprecedented but the team at TfW is focused on making a difference for the people, communities and businesses of Wales.”

TfW’s Chair, Scott Waddington added:

“2018/19 was a pivotal year for TfW as we took over the Wales and Borders rail service and I would like to thank our many stakeholders for their ongoing insight, help and support.

“We have now put the right foundations in place and while our strategy is ambitious, I am confident that we are prepared for the challenges we face as we enter a key delivery phase of our journey.”

Welcoming the publication of TfW’s first annual report and financial statements, Economy and Transport Minister, Ken Skates said:

“An effective transport network is a key building block of an economy that works for all and we’re on a journey that will greatly improve our rail services. Our customers’ needs are at the heart of this transformation and I’m pleased that they’re already starting to see the benefits.”

TfW’s 2018/19 annual report and financial statements are available at www.tfw.gov.wales. 

Contact Information

James Williams

james.williams@tfw.wales

Notes to editors

Supporting statements

Sophie Howe, Well-being of Future Generations Commissioner
“The Well-being of Future Generations Act is at the heart of the rail franchise for Wales and the borders. I am encouraged by Transport for Wales’ plans to contribute to a prosperous Wales by giving work opportunities to small businesses, social enterprises and to contribute to a resilient Wales by committing that all electricity for stations and overhead wires will come from zero carbon energy. In mapping contributions towards the seven well-being goals, I am pleased to see Transport for Wales present their commitment in an easily identifiable and transparent design.”

Mick Whelan, General Secretary, ASLEF
“Transport for Wales has adopted a different approach to building relationships with a range of stakeholders including trades unions. We’re pleased that ASLEF has already had high levels of positive engagement with Transport for Wales and we also welcome the fact that Wales is developing a more integrated transport policy.”

Councillor Andrew Morgan, Leader Rhondda Cynon Taf Council and Chair, Cardiff Capital Region
“Rhondda Cynon Taf Council has ambitious plans to regenerate our County Borough to attract hundreds of high-quality, skilled jobs and Llys Cadwyn is at the heart of our major plans for Pontypridd. Transport for Wales is transforming transport in Wales and our County Borough will benefit enormously from the South Wales Metro. We’re also pleased that Pontypridd will soon be home to such an important innovative world-class organisation.”

Lee Robinson, TfW’s Development Director for North Wales
“In the coming years TfW will be improving and enhancing the transport network in North Wales as we work together with partners to deliver the Welsh Government’s vision for the North Wales Metro and create an integrated transport network for the whole of Wales. Our North Wales Business Unit will play an important in ensuring that it meets local needs.”