TRANSPORT FOR WALES
Operating under the Welsh name Trafnidiaeth Cymru, the entity is a not-for-profit, wholly owned subsidiary of the Welsh Government that acts as the national transport authority, overseeing the Wales & Borders railway franchise and developing an integrated multimodal transport network.
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Cash
£40M
-5.9% vs 2024
Net assets
£1.4B
-5.3% vs 2024
Employees
4,574
+10.3% vs 2024
Profit before tax
-£34M
-10.2% vs 2024
Watchouts
Facts from the Companies House register and the latest accounts — not a rating
-
3 officer resignations in last 12 months
Multiple officers have left the board recently — see the People section for who.
Net assets
2-year trend · vs Industrials median
Accounts
2-year trend · Δ = latest vs prior filed period · latest reflected 2025-03-31
| Metric | Trend | 2024-03-31 | 2025-03-31 | Δ vs prior |
|---|---|---|---|---|
| Turnover | £717,879,000 | £807,557,000 | +12.5% | |
| Operating profit | -£23,808,000 | -£19,899,000 | +16.4% | |
| Profit before tax | -£30,694,000 | -£33,833,000 | -10.2% | |
| Net profit | -£33,298,000 | -£32,262,000 | +3.1% | |
| Cash | £42,117,000 | £39,634,000 | -5.9% | |
| Total assets less current liabilities | £3,829,414,000 | £4,046,241,000 | +5.7% | |
| Net assets | £1,477,886,000 | £1,399,503,000 | -5.3% | |
| Equity | £1,477,886,000 | £1,399,503,000 | -5.3% | |
| Average employees | 4,148 | 4,574 | +10.3% | |
| Wages | £225,293,000 | £252,453,000 | +12.1% | |
| Directors' remuneration | £540,000 | £576,000 | +6.7% |
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 |
|---|---|---|---|
| Operating margin | -3.3% | -2.5% | |
| Net margin | -4.6% | -4.0% | |
| Return on capital employed | -0.6% | -0.5% | |
| Gearing (liabilities / total assets) | 63.9% | 67.3% | |
| Current ratio | 0.88x | 0.79x | |
| Interest cover | -3.46x | -1.43x |
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 1 time since incorporation
- TRANSPORT FOR WALES 2016-04-01 → present
- WELSH GOVERNMENT TRANSPORT COMPANY 2015-03-06 → 2016-04-01
Audit & accounting basis
- Accounting basis
- IFRS
- Reporting scope
- Consolidated group
- Auditor
- KPMG LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“The directors prepared the financial statements on the going concern basis as they do not intend to liquidate the Group or the Company or to cease their operations, and as they have concluded that the Group and the Company's financial position means that this is realistic. They have also concluded that there are no material uncertainties that could cast significant doubt upon their ability to continue as a going concern for at least a year from the date of approval of the financial statements ("the going concern period").”
Group structure
- TRANSPORT FOR WALES · parent
- Transport for Wales Rail Limited 100%
- Pullman Rail Limited 100%
- Wales Infrastructure Manager of Last Resort Limited 100%
- TfW Fibre Ltd 100%
- TfW Innovation Services Limited 51%
Significant events
- “On 21 October 2024, two TfW trains collided at Talerddig on the Cambrian line. It was a slow speed collision. 15 people were injured, four seriously. Tragically, one passenger died.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
7 active · 17 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| CLASH, Heather Jeanette | Director | 2018-09-01 | Oct 1969 | British |
| EVERITT, Vernon John | Director | 2019-09-30 | Sep 1963 | British |
| LANGHAM, Rhian Louise | Director | 2024-09-16 | Sep 1975 | Welsh |
| PARMAR, Vinay Kumar Dhiraj | Director | 2024-09-16 | Feb 1975 | British |
| PRICE, James Robert | Director | 2015-10-14 | Oct 1974 | British |
| SINFIELD, Marcia Ann | Director | 2026-01-02 | Jan 1966 | British |
| STRACHAN, Peter | Director | 2026-02-07 | Aug 1959 | British |
Show 17 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| GRONOW, Julian Windsor | Secretary | 2016-01-11 | 2016-11-02 |
| BOWEN, David Alun | Director | 2019-04-01 | 2025-12-31 |
| DORCHESTER, Martin | Director | 2017-09-01 | 2018-09-18 |
| DRURY-ROSE, Mal | Director | 2015-11-16 | 2018-01-19 |
| EDWARDS, Louise Mary | Director | 2024-11-18 | 2025-11-13 |
| EVANS, Sioned | Director | 2016-07-05 | 2017-04-28 |
| FALLEYN, Andrew | Director | 2015-06-30 | 2018-05-30 |
| GREGG, Nicholas Mark | Director | 2017-09-01 | 2019-01-04 |
| HOWELLS, Sarah | Director | 2018-07-02 | 2024-10-17 |
| HUNTER, Robert William | Director | 2015-03-06 | 2015-06-30 |
| KEMMERY, Nicola Jane | Director | 2018-07-02 | 2024-07-07 |
| KENNEDY, Peter Duncan | Director | 2015-03-06 | 2018-07-18 |
| MCKENZIE, Brian William | Director | 2015-11-02 | 2018-07-04 |
| MORGAN, Gareth Rowland | Director | 2015-06-30 | 2018-01-15 |
| NOON-JONES, Alison | Director | 2018-07-02 | 2024-10-17 |
| ROGERS, Alyson Marie | Director | 2015-06-30 | 2015-11-02 |
| WADDINGTON, John Scott | Director | 2019-01-07 | 2025-07-31 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| The Welsh Ministers | Corporate entity | Voting 75–100%, Appoints directors | 2016-04-06 | Active |
Filing timeline
Last 20 of 73 total filings
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-03-20 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2026-02-20 | AP01 | officers | Appoint person director company with name date | |
| 2026-01-13 | AP01 | officers | Appoint person director company with name date | |
| 2026-01-05 | TM01 | officers | Termination director company with name termination date | |
| 2025-11-14 | TM01 | officers | Termination director company with name termination date | |
| 2025-08-14 | AA | accounts | Accounts with accounts type group | |
| 2025-08-01 | TM01 | officers | Termination director company with name termination date | |
| 2025-03-06 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2024-11-18 | AP01 | officers | Appoint person director company with name date | |
| 2024-10-21 | TM01 | officers | Termination director company with name termination date | |
| 2024-10-21 | TM01 | officers | Termination director company with name termination date | |
| 2024-09-16 | AP01 | officers | Appoint person director company with name date | |
| 2024-09-16 | AP01 | officers | Appoint person director company with name date | |
| 2024-09-02 | AA | accounts | Accounts with accounts type group | |
| 2024-07-17 | TM01 | officers | Termination director company with name termination date | |
| 2024-03-06 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2023-08-18 | AA | accounts | Accounts with accounts type group | |
| 2023-03-07 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2022-08-12 | AA | accounts | Accounts with accounts type group | |
| 2022-03-08 | CS01 | confirmation-statement | Confirmation statement with no updates |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 7
- Capital events
- 0
- Officers appointed
- 2
- Officers resigned
- 3
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.