The report provides an update on the progress TfW is making transforming transport for the people 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.

TfW started to invest £40 million to improve its current fleet and fund additional services, customer experience and accessibility improvements.

What did the officials say?

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.”

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