NORTHERN TRAINS LIMITED

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

• Turnover

  +5.9%

  £1,075,699,000 → £1,138,715,000

• Cash

  +79%

  £33,035,000 → £59,142,000

• Net assets

  +18%

  £42,524,000 → £50,187,000

• Employees

  +2.8%

  6,920 → 7,115

• Operating profit

  +16.4%

  £9,100,000 → £10,592,000

• Profit before tax

  +23.5%

  £8,757,000 → £10,814,000

• Wages

  +7.5%

  £346,223,000 → £372,058,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

1. NORTHERN TRAINS LIMITED 2020-01-29 → present
2. DFT OLR3 LIMITED 2019-03-20 → 2020-01-29
3. EM TRAINS LIMITED 2014-05-09 → 2019-03-20
4. OQS RAIL LIMITED 1996-12-03 → 2014-05-09
5. OQS BRANDS LIMITED 1995-06-30 → 1996-12-03

Accounting basis

FRS 101

Reporting scope

Standalone (parent only)

Auditor

PricewaterhouseCoopers LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The basis for preparation for these financial statements has been on a going concern basis which the directors consider to be appropriate as our business will continue and is central to the recovery of the country economically and socially. The Government has continually underlined the important role of the rail industry and that it is central to the Government's economic strategy and has commenced a public ownership programme during the year. NTL operates as a publicly owned train company through a services agreement originally awarded on 1 March 2020 by the Secretary of State for Transport. An amended contract was agreed in February 2022 and a further extension to this was agreed in December 2024 for NTL to operate trains and stations across the Northern network until February 2027. The government is contractually bound to support NTL for the length of the service period.”

Significant events

• “The UK government passed the Passenger Railway Services (Public Ownership) Act 2024 and set up Shadow Great British Railways (SGBR).”
• “South Western Railway (SWR) joined the DFTO Group on 25 May 2025.”
• “NTL agreed a further extension to its services agreement to operate trains and stations across the Northern network until February 2027.”
• “NTL procured up to 131 new trains (464 vehicles) comprising Multi-mode, Battery-Electric, and Electric Multiple Units.”
• “Leases for the current fleet were extended from 31 March 2025 to 2030 and beyond.”
• “The Northumberland Line opened in December 2024.”
• “The national pay dispute was resolved, with backpay settled at 5% for 2022/23, 4.75% for 2023/24 and 4.5% for 2024/25.”
• “NTL took receipt of the first prototype driver smart simulator in January 2025.”
• “In Autumn 2024, NTL concluded pay talks with the RMT trade union and ASLEF.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

8

last 12 months

Capital events

0

last 24 months

Officers appointed

3

last 12 months

Officers resigned

1

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.