Wow. Interesting headline items on a quick skim through...
In 2021 CS made an operational profit of ~ £10M, as opposed to a 2020 loss of ~ £4.5M
In 2020, about 60% of turnover income was passenger tickets, with £25M from Transport Scotland.
But in 2021, only 10% of turnover income was passenger ticketing, the vast majority of the rest was £48M from Transport Scotland.
I can't help but think that the profit margin of 17% on a largely taxpayer-funded operation is a bit high, to say the least, given how tight many public sector belts are at present.
There's an exceptional income this year of £4.5M from settlement of a contract dispute (costs due to late introduction of new stock), but that is not included in the operational profit (and might well be offset against liabliities outstanding because of the costs incurred).
They now employed an average 195 people, above the previous 179, but wage costs were lower in total by ~ 5% at £9.6M. Make of that what you will, might just be that less overtime was worked and more staff filled the rostered turns.
Also interesting is that CS paid £77,000 tax in 2021, but had a tax credit of £3.8M in 2020. At least they are paying a bit of tax now (and fair enought not to pay last year with a loss), but it's only just over 7% of the profit even now. Not really proportionate to the tax credit given!