SE TRAINS LIMITED
SE Trains Limited is a state-owned passenger rail operator functioning as a wholly owned subsidiary of DfT OLR Holdings Limited under the ultimate control of the Secretary of State for Transport.
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Cash
£60m
-28.8% lowest in 3 filed years
Net assets
£22m
-15.5% vs 2025
Employees
4,992
+5.9% highest in 3 filed years
Profit before tax
£14m
+41.5% highest in 3 filed years
Net assets
3-year trend · vs Industrials median
Accounts
3-year trend · Δ = latest vs prior filed period · latest reflected 2026-03-31
| Metric | Trend | 2024-03-31 | 2025-03-31 | 2026-03-31 | Δ vs prior |
|---|---|---|---|---|---|
| Turnover | £1,176,551,000 | £1,262,095,000 | — | — | |
| Operating profit | £10,947,000 | £13,518,000 | £22,512,000 | +66.5% | |
| Profit before tax | £10,025,000 | £9,648,000 | £13,654,000 | +41.5% | |
| Net profit | £7,906,000 | £7,486,000 | £10,939,000 | +46.1% | |
| Cash | £80,789,000 | £84,162,000 | £59,949,000 | -28.8% | |
| Total assets less current liabilities | £22,302,000 | £220,997,000 | — | — | |
| Net assets | £18,699,000 | £26,185,000 | £22,124,000 | -15.5% | |
| Equity | £18,699,000 | £26,185,000 | £22,124,000 | -15.5% | |
| Average employees | 4,466 | 4,715 | 4,992 | +5.9% | |
| Wages | £222,229,000 | £274,985,000 | £263,174,000 | -4.3% | |
| Directors' remuneration | £492,000 | £514,000 | £534,000 | +3.9% | |
| Directors' pension contributions | £16,000 | £17,000 | £19,000 | +11.8% | |
| Highest paid director | £310,780 | £321,000 | £336,000 | +4.7% |
Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. About these numbers
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2024-03-31 | 2025-03-31 | 2026-03-31 |
|---|---|---|---|---|
| Operating margin | 0.9% | 1.1% | — | |
| Net margin | 0.7% | 0.6% | — | |
| Return on capital employed | 49.1% | 6.1% | — | |
| Gearing (liabilities / total assets) | 94.2% | 95.4% | 95.4% | |
| Current ratio | 0.80x | 0.76x | — | |
| Interest cover | 6.75x | 1.93x | 2.05x |
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.
Name history
Renamed 4 times since incorporation
- SE TRAINS LIMITED 2019-05-22 → present
- DFT OLR2 LIMITED 2018-03-27 → 2019-05-22
- CROSS COUNTRY TRAINS LIMITED 2015-09-08 → 2018-03-27
- HAY'S RAIL LIMITED 1996-12-03 → 2015-09-08
- HACKREMCO (NO.1179) LIMITED 1996-10-22 → 1996-12-03
Audit & accounting basis
- Accounting basis
- FRS 101
- Reporting scope
- Standalone (parent only)
- Auditor
- National Audit Office
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“After making enquiries, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
7 active · 31 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| VYAS, Karishma | Secretary | 2022-07-14 | — | — |
| BARLOW, Paul Richard | Director | 2022-06-20 | May 1969 | British |
| HARRISON, Richard Charles Vyvyan | Director | 2021-10-17 | Aug 1967 | British |
| HYNES, Alexander John | Director | 2026-01-05 | Mar 1977 | British |
| RICHARDS, James David | Director | 2026-04-23 | Feb 1968 | British |
| STRAUN, Bianca | Director | 2021-10-17 | Jun 1978 | British |
| WHITE, Stephen Edwin | Director | 2021-10-17 | Aug 1965 | British |
Show 31 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| BENTLEY, Matthew Philip | Secretary | 2020-09-22 | 2022-07-14 |
| BOYD, Ruth Immanuel | Secretary | 2018-03-16 | 2019-03-05 |
| BRAYBROOK, Sonia Anita | Secretary | 2005-07-29 | 2013-11-21 |
| CUNNINGHAM, Stephanie Jade | Secretary | 2019-03-05 | 2020-06-26 |
| DAWSON, Trevor | Secretary | 2015-12-31 | 2016-09-23 |
| HYLAND, Matthew William Edward | Secretary | 1997-08-18 | 2005-01-28 |
| PATTINGTON, Helen Jane | Secretary | 2018-03-16 | 2019-03-05 |
| SINCLAIR, Janet Elizabeth | Secretary | 2005-01-28 | 2005-07-24 |
| HACKWOOD SECRETARIES LIMITED | Corporate Nominee Secretary | 1996-10-22 | 1997-08-18 |
| BACKLER, Gary George | Director | 2003-01-13 | 2010-12-17 |
| BENNETT, David Clive | Director | 2015-12-31 | 2021-06-04 |
| CANTWELL, Richard Charles | Director | 2015-12-31 | 2019-03-05 |
| GISBY, Robin William, Mr. | Director | 2021-10-17 | 2025-12-23 |
| GRADY, Peter | Director | 2021-02-16 | 2021-10-17 |
| HADDOCK, Dominic Nigel | Director | 2021-02-16 | 2021-10-17 |
| HOLDEN, Michael Peter, Sir | Director | 2013-11-21 | 2015-12-31 |
| MACQUARRIE, John | Director | 2021-06-04 | 2021-10-17 |
| MORRIS, Richard John | Director | 1999-10-20 | 2001-09-13 |
| MURRAY, Andrew Bernard | Director | 2010-12-17 | 2013-11-21 |
| NEWTON, Nicholas George | Director | 1996-12-12 | 2005-07-24 |
| PATTINGTON, Helen Jane | Director | 2019-03-05 | 2021-02-16 |
| REA, David Ian | Director | 2003-01-13 | 2011-03-21 |
| RODGERS, Paul David | Director | 2011-03-21 | 2013-11-21 |
| SMITH, Simon Alexander | Director | 2018-03-16 | 2021-10-17 |
| SUTHERLAND, George William Douglas | Director | 2013-11-21 | 2015-12-31 |
| TALBOT, Liam Charles | Director | 2020-01-06 | 2021-10-17 |
| TERLECKY, Iryna | Director | 1999-10-20 | 2005-07-24 |
| WALKER, David Eric | Director | 2013-11-21 | 2015-12-31 |
| WARE, Julian Robert | Director | 1996-12-12 | 1999-10-12 |
| WILKINSON, Peter William | Director | 2015-12-31 | 2018-07-16 |
| HACKWOOD DIRECTORS LIMITED | Corporate Nominee Director | 1996-10-22 | 1996-12-12 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Dft Operator Limited | Corporate entity | Shares 75–100%, Voting 75–100%, Appoints directors, Appoints directors (as firm) | 2016-06-29 | Active |
Filing timeline
Last 20 of 176 total filings
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-09-07 | AA | accounts | Accounts with accounts type full | |
| 2026-07-19 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2026-04-23 | AP01 | officers | Appoint person director company with name date | |
| 2026-01-22 | AP01 | officers | Appoint person director company with name date | |
| 2026-01-06 | TM01 | officers | Termination director company with name termination date | |
| 2025-08-12 | AA | accounts | Accounts with accounts type full | |
| 2025-07-18 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2025-07-18 | PSC05 | persons-with-significant-control | Change to a person with significant control | |
| 2024-10-01 | AA | accounts | Accounts with accounts type full | |
| 2024-07-18 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2023-11-13 | AA | accounts | Accounts with accounts type full | |
| 2023-07-18 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2022-12-15 | AA | accounts | Accounts with accounts type full | |
| 2022-12-01 | PSC05 | persons-with-significant-control | Change to a person with significant control | |
| 2022-09-02 | AD01 | address | Change registered office address company with date old address new address | |
| 2022-09-02 | AD01 | address | Change registered office address company with date old address new address | |
| 2022-09-02 | AD01 | address | Change registered office address company with date old address new address | |
| 2022-08-16 | AD02 | address | Change sail address company with new address | |
| 2022-08-01 | TM02 | officers | Termination secretary company with name termination date | |
| 2022-08-01 | AP03 | officers | Appoint person secretary company with name date |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 5
- Capital events
- 0
- Officers appointed
- 2
- Officers resigned
- 1
last 12 months
last 24 months
last 12 months
last 12 months
Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.