Llangollen Railway Trust finances back on track
THE LLANGOLLEN Railway’s financial position has improved significantly through 2022, despite continued challenges facing the heritage railway sector.
Now operated by the Llangollen Railway Trust, the railway was on the brink of closing completely in March 2021 when the previous operating company, Llangollen Railway PLC, went into administration.
Despite the challenges faced by all heritage railways in the current economic climate, the LRT has reported that it expects to record a net profit of between £50,000 and £100,000, subject to any adjustments on audit. The railway has made more use of diesel locomotives and DMUS for their services during 2022, partly due to steam locomotive availability but also to save costs.
However, the railway is predicting a substantial loss for 2023 due to continued investment in the railway’s infrastructure and rolling stock.
LRT finance director Phil Freeth said “Results from 2022 have exceeded expectations and despite long overdue investment in the railway’s track, coaching stock, and the engine shed and yard, our cash resources remain buoyant. Financially, we are in an incredibly strong position.
“Looking ahead to 2023, we expect the challenging economic climate that the country faces will require us to continue to act cautiously, but we are already well-prepared for this and will start the year from a far stronger position than we have for many years”.
Meanwhile, it has been confirmed that there will be a delay to the planned opening of the newly built Corwen station, which had been scheduled for early March. The completion and installation of the island platform canopy is being delivered by a third party contractor, supported by a significant government grant, has been delayed, which will have a knock-on effect on completion of other work on the station. Preparations are also being made for the erection of the canopy in early 2023.
The volunteers working on the station are making excellent progress, with the island platform building, signalbox and emergency access ramp all progressing well. A revised reopening date and gala will be confirmed once the final installation for the canopy has been arranged.