METROLINE 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

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.

Accounting basis

IFRS

Reporting scope

Consolidated group

Auditor

Ernst & Young

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The financial statements have been prepared on a going concern basis, which assumes continuity of normal business activities and the realisation of assets and the discharge of liabilities in the normal course of business. At 31 December 2024, the Group had net current liabilities of £32.7m (2023: £56m) and had an operating cash inflow of £47.0m during the year ended 31 December 2024 (2023: £8.6m inflow). Within cash flows from financing activities, £21.0m (2023: £52.5m) was received from ComfortDelGro Corporation Limited by way of loans to fund capital acquisitions of electric buses. Whilst high inflation and driver availability through 2022 and 2023 significantly affected financial performance in those years, inflation returned to more normal levels in 2024, driver availability started to improve and contract prices continue to increase towards more financially viable levels. Management has prepared cash flow forecasts for a period of 12 months from the date of approval of these financial statements. There remains a strong focus on moving to a fully zero-emission fleet, which aligns to the long-term strategy for Tfl. This will require continued investment and management continues to work with ComfortDelGro Corporation Limited and banks to secure funding. Management does not foresee any issues raising capital, with banks keen to invest in Electric Buses and supporting infrastructure. As a result, management expects to have sufficient cash resources through 2025 and beyond. Management believes that there are significant and varied sources of additional financial facilities from existing banking relationships in the event that they would be required to provide management with additional confidence in adopting the going concern basis of accounting in preparing the annual financial statements. ComfortDelGro Corporation Limited has provided a letter of support to Metroline Limited and its subsidiaries stating that they will assist the Group in meeting its liabilities as and when they fall due for a period of 12 months from the date of approval of these financial statements for the year ended 31 December 2024. The directors have no reason to believe that a material uncertainty exists that may cast significant doubt on the ability of ComfortDelGro Corporation Limited to honour the letter of ongoing financial support. On the basis of above, management believes that the Group and Company has adequate resources to continue in operational existence for a period of 12 months from the date of approval of these financial statements for the year ended 31 December 2024.”

Group structure

1. METROLINE LIMITED · parent
   1. Metroline Travel Limited 100% · England and Wales · Bus operation
   2. Metroline West Limited 100% · England and Wales · Bus operation
   3. Metroline Pension Scheme Trustees Limited 100% · England and Wales · Trustee company

Significant events

• “Year on year revenue growth of £54m, driven by new contracts won, existing contracts renewed and annual contract price increases supported a turnaround resulting in Metroline Limited making an operating profit of £5.8m.”
• “A continued lack of bus drivers, as also seen across other bus operators in London, impacted the level of contract mileage covered, impacting penalties from Metroline's main customer Transport for London (TfL). Metroline covered some of the staffing gap through high levels of overtime and agency staff and 2024 saw improved operating mileage compared to 2023.”
• “In June 2023, the High Court made a ruling in the case Virgin Media Ltd v NTL Pension Trustees II Limited (and the ruling related to Section 37 of the 1993 Pensions Act and the correct interpretation of historic legislation governing the amendment of contracted-out DB schemes). On 25 July 2024, the Court of Appeal dismissed an appeal to this ruling and confirmed in relation to alterations made between 6 April 1997 and 5 April 2013, section 9(2B) rights included both past service rights and future service rights. Metroline Travel Limited and Metroline West Limited have contracted-out defined benefit pension schemes to which Section 37 changes were made in the period 1997 to 2016, therefore this court ruling is applicable.”

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

Filings

4

last 12 months

Capital events

0

last 24 months

Officers appointed

1

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.

• Turnover

  +15.5%

  £350,776,000 → £405,087,000

• Cash

  +195.2%

  £7,649,000 → £22,579,000

• Net assets

  +0.8%

  £216,610,000 → £218,423,000

• Employees

  +3.3%

  4,407 → 4,551

• Operating profit

  +129.3%

  -£19,839,000 → £5,822,000

• Profit before tax

  +110.9%

  -£21,691,000 → £2,370,000

• Wages

  +9.9%

  £204,265,000 → £224,558,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. Periods don't have to be exactly 12 months apart — a long or short period (typical around incorporation or year-end changes) will distort the comparison. Lines a company doesn't report are omitted. About these numbers