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.