NET's end of year figures show tram passenger numbers growing as finances remain stable.

New figures shared by the operator of the NET concession, Tramlink Nottingham Limited, show that passenger numbers on Nottingham’s trams have risen for another consecutive year.

Published as part of the annual accounts for the year up to 31 March 2025, passenger numbers had risen by 1.3% to 15.7m compared to 15.5m in the prior financial year, and are up from 14.4m in 2023’s accounts update.

In 2023, Tramlink completed a successful financial restructuring project which secured the future of the network by putting NET in a stable position to move forward, following significant market changes. The most recent financial figures showed the effectiveness of this and confirm the continued stability of the network.

Due to the lower interest charges from investors negotiated following the financial restructuring, total losses before tax and including interest charges this year, were £1.9m compared to £26.3m in the previous financial year. Turnover also increased by 4.4% to £67.1m, while gross profit also showed continued signs of improvement, at £11.9m, up from £8.2m previously.

Tim Hesketh, CEO of Tramlink said: “This year’s figures are indicative of a stable year that’s in line with the performance we expected following our financial restructuring two years ago. For the second year running this has proven the project to be a success, and we’d like to thank the Department for Transport and Nottingham City Council for their support throughout the process.”

This year saw the network strengthen its support for passengers by launching Operation Safenet, running in collaboration with the Nottinghamshire Police and Crime Commissioner. Launching in June, the 12-month pilot scheme aims to help make public transport even safer in the city, enabling closer collaboration and information sharing between police and Nottingham’s tram operator.

Tim added: “Alongside our financial reporting, it’s reassuring to see that our passenger numbers are continuing to increase. As well as more people using the network, our most recent customer survey also showed that satisfaction rates have risen 17% year-on-year since 2023, which is fantastic to see alongside this positive trend.

“We’re always looking for ways to improve our service. This year we made a number of operational investments, such as Operation Safenet, to build on the safety and stability of our network which we hope will contribute towards a further upward trend in customer satisfaction and trust.”

The concession, which allows Tramlink to operate the NET tram system, runs until 2034, and factors in losses in the earlier years due to investments in the system, including expanding the network in 2015 and buying new tram vehicles. The loss reported during this year’s accounts remains in line with financial expectations.

In December 2025, NET announced its latest set of ticket price updates, which included the continuation of a new pricing structure aimed at encouraging the move to streamlined digital payments.

Tim continued: “In a challenging economic climate, with rising inflation and energy costs, we've worked hard to ensure the network remains good value for money, without passing on the majority of these running costs to our customers. It's key to balance affordability alongside ensuring we can manage, maintain and continue to improve the network that keeps so many people moving. Our ability to do so will always be affected by the level of support provided to public transport by the government, but we’re pleased to confirm that our recent price changes were below the current rate of inflation.

“This year, we continued to offer targeted fares that provide great value for money, such as our renamed ‘Family Ticket’, while also creating new structures that will encourage more people to use the Nottingham contactless multi-operator network, helping towards the city’s digital future.”

For more information about Tramlink, visit https://www.thetram.net/