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West Somerset Railway Operations

Discussion in 'Heritage Railways & Centres in the UK' started by gwr4090, Nov 15, 2007.

  1. 60044

    60044 Member

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    A little late I know, but this report has me baffled - seemingly 20,000 fewer passengers but profitability reversed from -8000,000-ish in 2018 to +615,000 in 2019? What made the difference?
     
  2. Jamessquared

    Jamessquared Nat Pres stalwart

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    Wasn’t that 2018 year essentially the one with a double winter closedown in it (ie the one-off 15 month year)? If so, the results were always going to look awful in that year relative to those either side.

    That said - I remain puzzled looking at headline profit / loss unless presented in context with information about the state of infrastructure and other renewals, ie is the core infrastructure and equipment getting better or worse. I’d suggest a zero profit and £600k of track renewal is a better position than no track renewal and a £600k profit.

    Tom
     
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  3. huochemi

    huochemi Well-Known Member Friend

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    I am not sure if you are asking me but much if not all could be accounted for by the fact that the previous period was 15 months and included two Jan-March periods which are probably very negative in terms of both profit and income. In very broad terms total costs for the previous 15 months were £4.2 million (ignoring impairment) which is around £3.3m on an annualised basis, take away a quarter for Jan-March 2020, say £2.5m net costs for the nine months to 31 December 2019 v £4.2m for the previous 15 month period gives a £1.7m positive benefit (clearly these calculations are very crude and do not take into account e.g. seasonal fluctuations in cost)
     
  4. daveb

    daveb Member

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    The figures that we've seen are surely only for nine months, following the one-off 15 month year? Excepting two weekends at the end of March 2020, what's been published is the income for 12 months to 31st March, but there are three months' worth of costs to go in. I would expect that, come the end of March 2020, the figure for the accounting year as a whole is likely to be nearer to your zero profit and £600K (less salaries) of track renewal.
     
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  5. Maunsell907

    Maunsell907 Well-Known Member

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    At the Plc AGM the finance officer stated that the "estimated costs" (by implication 'fixed costs ' but not stated as
    thus ) for the upcoming winter shutdown were £500K. She also expressed concern wrt the robustness of the
    forecasts for the 'Santa events'.

    It now appears that her reservations for the 'Santa events' were unfortunately prescient. Also presumably
    the £600K 'profit' is the 'net margin' generated during the 2019 operations.

    Viewed from afar ( involvement not geographical) it seems likely the coffers will be bereft at the start
    of the 2020 operating season. However there is much good work currently ongoing e.g. pwr, stock
    refurbishment etc. : the revenue from the BL shop will now accrue to the Plc, the fixed overhead has
    reduced ( eg staff costs ) and the 'Railway' has begun to grasp the nettle wrt fund raising.

    There is I fervently hope a basis now to plan and build on.

    Michael Rowe
     
    Last edited: Feb 11, 2020
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  6. Eric Tyler

    Eric Tyler New Member

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    Watchet Harbour storm damage. Another sign of the pressure on this part of the North Somerset coastline which does not augur well for future generations.
    https://www.somersetcountygazette.c...apses-somerset-prepares-storm-dennis-weekend/
     
  7. D1039

    D1039 Well-Known Member

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    I don't know if there is or will be any, but the nine-month operating profit figure might also include share purchase and/or appeal money paid to the PLC. More definitely, there was an un-noted 'impairment' item of £142k in the 15-month previous accounting period that (presumably) would not re-occur in the latest period.

    Patrick
     
  8. ghost

    ghost Well-Known Member

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    Write down of money spent on 44422

    Keith
     
  9. Forestpines

    Forestpines Well-Known Member

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    I'm not an accountant, but I didn't think you could count capital raised as a profit - wasn't that one of the dodgy practices that led to George Hudson's fall?
     
  10. Jamessquared

    Jamessquared Nat Pres stalwart

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    I'm not an accountant either ... but since the wording came from a statement to a magazine rather than a set of accounts, I wonder if it is just a bit of loose terminology:

    Despite all this a decent profit of 615k for the 9 months to December is recorded as on target, resulting in cash balances as forecast.

    All attributed to 'a WSR spokesman'.
    If instead it said "a decent surplus of income over expenditure of 615k for the 9 months ..." it probably makes more sense. Also allows for the fact that the last three month of the financial year are likely to be high expenditure, low revenue, so the final figure would be much lower.

    Tom
     
  11. dunghill1

    dunghill1 New Member

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    Operating profit does not include share money but would include any donations received.
     
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  12. D1039

    D1039 Well-Known Member

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    Noted. Apologies, my clumsy self-editing. It said 'surplus' before I changed it.

    Patrick
     
  13. AnthonyTrains2017

    AnthonyTrains2017 Member

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    £28 for day rover on normal operating days. I could fly to ibiza for that
     
  14. 2995valliant

    2995valliant New Member

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    But you can't run a heritage railway for that....
     
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  15. brauntonians

    brauntonians New Member

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    at least for that money you can travel as much as you like on that day
     
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  16. 1472

    1472 Well-Known Member

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    Who in their right mind would want to go to Ibiza for fake roast beef & rowdiness?
    Most mainline steam days out are now around £100 for starters and that is normally for just one loco on the now sterile national network.
     
  17. Jamessquared

    Jamessquared Nat Pres stalwart

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    I'm increasingly of the view that there is a massive gulf in perception in certain enthusiast quarters about just how much railways cost to run in a sustainable way; or just how thin the line is between continued existence or not.

    Tom
     
  18. free2grice

    free2grice Well-Known Member Friend

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    £28 for a flight to Ibiza. I'd rather pay for a day rover at the WSR.

    I can't abide loud pulsating music and warm beer. <BJ>
     
  19. nanstallon

    nanstallon Well-Known Member

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    Is there steam in Ibiza?
     
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  20. johnofwessex

    johnofwessex Part of the furniture

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    Mallorca has the Soller Railway...................

    And a revived meter gauge system
     

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