LONDON NORTH EASTERN RAILWAY LIMITED
Trading as LNER, the company is a state-owned train operator running passenger services on the East Coast Main Line under the control of the Department for Transport's DfT Operator Limited.
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Cash
£104m
-17.3% lowest in 3 filed years
Net assets
£25m
+3.1% highest in 3 filed years
Employees
3,890
+8.9% highest in 3 filed years
Profit before tax
£7.9m
-9.7% vs 2025
Watch the reel
Our short-form breakdown of LONDON NORTH EASTERN RAILWAY LIMITED's latest filing
State-owned train operator LNER crosses the £1bn revenue mark, but rising headcount and a major timetable overhaul keep profits in check. 🚂📉
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 | £764,724,000 | £1,013,319,000 | £1,068,351,000 | +5.4% | |
| Operating profit | £27,347,000 | £20,164,000 | £20,510,000 | +1.7% | |
| Profit before tax | £6,639,000 | £8,726,000 | £7,881,000 | -9.7% | |
| Net profit | £4,539,000 | £6,083,000 | £5,247,000 | -13.7% | |
| Cash | £126,160,000 | £125,800,000 | £104,048,000 | -17.3% | |
| Total assets less current liabilities | £305,784,000 | £259,024,000 | — | — | |
| Net assets | £21,825,000 | £24,360,000 | £25,107,000 | +3.1% | |
| Equity | £21,825,000 | £24,360,000 | £25,107,000 | +3.1% | |
| Average employees | 3,082 | 3,572 | 3,890 | +8.9% | |
| Wages | £149,034,000 | £167,249,000 | £178,131,000 | +6.5% | |
| Directors' remuneration | £1,144,000 | £1,031,000 | £1,021,000 | -1% | |
| Directors' pension contributions | £79,000 | £83,000 | £86,000 | +3.6% | |
| Highest paid director | £314,000 | £266,000 | £274,000 | +3% |
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 | 3.6% | 2.0% | 1.9% | |
| Net margin | 0.6% | 0.6% | 0.5% | |
| Return on capital employed | 8.9% | 7.8% | — | |
| Gearing (liabilities / total assets) | 96.6% | 96.4% | 95.3% | |
| Current ratio | 0.68x | 0.68x | — | |
| Interest cover | 1.07x | 1.22x | 1.32x |
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 3 times since incorporation
- LONDON NORTH EASTERN RAILWAY LIMITED 2018-02-14 → present
- DFT OLR1 LIMITED 2016-07-16 → 2018-02-14
- GW RAILWAY LIMITED 2013-06-18 → 2016-07-16
- STRUTTON RAIL LIMITED 2003-02-07 → 2013-06-18
Audit & accounting basis
- Accounting basis
- FRS 101
- Reporting scope
- Standalone (parent only)
- Auditor
- National Audit Office
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
9 active · 37 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| DOWNEY, James Peter Edward | Secretary | 2020-07-01 | — | — |
| BENNETT, Kate Suzanne | Director | 2026-05-01 | Apr 1978 | British |
| DOWNEY, James Peter Edward | Director | 2020-07-01 | May 1977 | British |
| FLESHER, David | Director | 2022-10-04 | May 1976 | British |
| HARRISON, Richard Charles Vyvyan | Director | 2018-06-24 | Aug 1967 | British |
| HORNE, David Andrew | Director | 2018-07-20 | Aug 1972 | British |
| HYNES, Alexander John | Director | 2025-12-24 | Mar 1977 | British |
| LUGAR-MAWSON, Collette Louise | Director | 2026-05-01 | Aug 1978 | British |
| WAIN, Linda | Director | 2022-10-04 | Aug 1968 | British |
Show 37 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| BOYD, Ruth Immanuel | Secretary | 2018-03-16 | 2018-06-24 |
| BRAYBROOK, Sonia Anita | Secretary | 2005-07-29 | 2013-06-04 |
| DAWSON, Trevor | Secretary | 2015-12-31 | 2016-09-23 |
| HANNA, Elizabeth Rachel | Secretary | 2018-11-21 | 2019-10-31 |
| HYLAND, Matthew William Edward | Secretary | 2003-02-07 | 2005-01-28 |
| LOWRIE, David | Secretary | 2018-07-20 | 2018-11-21 |
| NIXON, Rowena Jane | Secretary | 2013-06-04 | 2014-02-11 |
| PATTINGTON, Helen Jane | Secretary | 2018-03-16 | 2018-06-24 |
| SINCLAIR, Janet Elizabeth | Secretary | 2005-01-28 | 2005-07-24 |
| TIMMS, Andrew Paul | Secretary | 2019-11-29 | 2020-07-01 |
| WALKER, David Eric | Secretary | 2014-02-11 | 2015-12-31 |
| ANSLEY, Claire | Director | 2022-03-23 | 2024-06-14 |
| BACKLER, Gary George | Director | 2003-02-07 | 2010-12-17 |
| BENNETT, David Clive | Director | 2015-12-31 | 2018-06-24 |
| CANTWELL, Richard Charles | Director | 2015-12-31 | 2018-06-24 |
| DENT, Warrick | Director | 2018-07-20 | 2026-05-01 |
| DONNELLY, Suzanne | Director | 2018-07-20 | 2022-10-04 |
| DOUGHTY, John Paul | Director | 2018-07-20 | 2022-07-13 |
| GEORGE, Richard Thomas Glandon | Director | 2018-06-25 | 2019-07-19 |
| GISBY, Robin William, Mr. | Director | 2018-06-24 | 2025-12-24 |
| HANNA, Elizabeth Rachel | Director | 2018-11-21 | 2019-10-31 |
| HEDLEY-JONES, Timothy James | Director | 2018-07-20 | 2018-11-30 |
| HOLDEN, Michael Peter, Sir | Director | 2013-06-04 | 2015-12-31 |
| LEWIS, Karen Mary | Director | 2018-12-11 | 2022-02-23 |
| LOWRIE, David | Director | 2018-07-20 | 2018-11-30 |
| MARSHALL, Paul Daniel | Director | 2022-10-04 | 2025-09-02 |
| MURRAY, Andrew Bernard | Director | 2010-12-17 | 2013-06-04 |
| NEWTON, Nick | Director | 2003-02-07 | 2005-07-24 |
| REA, David Ian | Director | 2003-02-07 | 2011-03-21 |
| RODGERS, Paul David | Director | 2011-03-21 | 2013-06-04 |
| ROSE, Sally Ann | Director | 2021-11-03 | 2022-07-13 |
| SMITH, Simon Alexander | Director | 2018-05-18 | 2018-05-18 |
| SMITH, Simon Alexander | Director | 2018-05-18 | 2018-06-24 |
| SUTHERLAND, Douglas | Director | 2013-06-04 | 2015-12-31 |
| TERLECKY, Iryna | Director | 2003-02-07 | 2005-07-24 |
| WALKER, David Eric | Director | 2013-06-04 | 2015-12-31 |
| WILKINSON, Peter William | Director | 2015-12-31 | 2018-06-11 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Dft Olr Holdings Limited | Corporate entity | Shares 75–100%, Voting 75–100%, Appoints directors, Significant influence | 2016-04-06 | Active |
Filing timeline
Last 20 of 146 total filings
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-09-04 | AA | accounts | Accounts with accounts type full | |
| 2026-08-11 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2026-05-01 | TM01 | officers | Termination director company with name termination date | |
| 2026-05-01 | AP01 | officers | Appoint person director company with name date | |
| 2026-05-01 | AP01 | officers | Appoint person director company with name date | |
| 2026-01-25 | AP01 | officers | Appoint person director company with name date | |
| 2026-01-06 | TM01 | officers | Termination director company with name termination date | |
| 2025-09-03 | TM01 | officers | Termination director company with name termination date | |
| 2025-08-11 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2025-07-24 | AA | accounts | Accounts with accounts type full | |
| 2024-10-01 | AA | accounts | Accounts with accounts type full | |
| 2024-08-12 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2024-06-14 | TM01 | officers | Termination director company with name termination date | |
| 2023-11-13 | AA | accounts | Accounts with accounts type full | |
| 2023-08-09 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2023-08-01 | AD01 | address | Change registered office address company with date old address new address | |
| 2022-12-15 | AA | accounts | Accounts with accounts type full | |
| 2022-10-06 | AP01 | officers | Appoint person director company with name date | |
| 2022-10-06 | AP01 | officers | Appoint person director company with name date | |
| 2022-10-06 | AP01 | officers | Appoint person director company with name date |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 7
- Capital events
- 0
- Officers appointed
- 3
- Officers resigned
- 2
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.