M6 Toll owner sees profits surge to £30m after raising prices

The M6 Toll precocious raised prices (Image: GETTY)

The institution down the M6 Toll roadworthy has seen its profits surge to astir £30m, partially owed to terms hikes successful 2023. Midland Expressway reported a pre-tax nett of £29.7m for the year, a important summation from the £6.3m recorded successful 2022.

The firm's turnover besides roseate from £110.8m to £134.9m, according to accounts precocious filed with Companies House.

The institution attributed the boost successful income to higher toll revenues and accrued work rental income, resulting from maturation successful postulation measurement and terms changes implicit the year. Owned by Australian elephantine IFM Investors, which besides holds a involvement successful Manchester Airports Group, the concern saw a 4 per cent summation successful postulation connected the M6 Toll to 17.7m vehicles.

The mean regular complaint besides accrued from £46,715 to £48,463.

A connection approved by the committee read: "Overarching trends stay akin to 2022 but the archetypal fractional of 2023 performed amended twelvemonth connected twelvemonth reflecting the information that aboriginal 2022 question volumes remained affected by Covid.", arsenic reported by City AM.

It added: "The 2nd fractional of 2022 saw a important simplification successful the level of work connected parallel routes, driving postulation onto the M6 Toll, which was not repeated to the aforesaid grade successful 2023."

The connection besides suggested that postulation successful the second portion of the twelvemonth whitethorn person been reduced owed to macro-economic impacts caused by sustained precocious ostentation rates and interest rates.