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Loughboroughs GCR shows trading profit for second year
Posted on 25/06/08
Loughboroughs Great Central Railway turned a trading profit of nearly 12,000 in the financial year ending January 31st 2008. Shareholders in the award winning Leicestershire line have received the good news ahead of the annual general meeting which takes place this weekend (28th June 2008)
There is also good news about the companys continued climb out of long running debt. Overall passenger income grew slightly last year, despite the atrocious summer.
This is the second time the line has recorded a genuine trading profit. The first was last year. The AGM has been moved forward from its traditional August time slot to give shareholders more up to date information. This is part of a complete overhaul of the companys financial systems.
Its good to see another profit, but this is no time for complacency, said GCR Chairman David Morgan. In tough economic times were being proactive to attract visitors in 2008, cut costs and ensure that two genuine trading profits in a row can become three. There is a lot to do to restore the value of the company and wipe out its debt from years of losses. However, my thanks goes to everyone at the railway who continues to put their heart and soul into our efforts to be a fantastic heritage railway, visitor attraction and economic generator for the East Midlands.
In the three years since the management and board changes at the Great Central, the companys net current liabilities have reduced from 493,000 to 244,000 an improvement of a quarter of a million pounds.
Lots done, lots still to do, concluded David. The shareholders are a key part of this achievement and the GCRs ongoing revival. I hope they will come to the AGM on June 28th so I can personally thank them. Afterwards they can enjoy a complimentary tour of the railway.
The GCR has themed 2008, The Year of the Express Engines. Big name restoration projects like Oliver Cromwell have been attracting the crowds. Later this year Britians first new main line steam engine since 1960 will undergo running in trials at the GCR. The year will be topped off by a visit from record breaking City Of Truro. However, the GCR is also diversifying to secure new income streams. One example is a new tea room opened at Rothley station.
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