The recovery of the passenger rail business is continuing in the wake of the Covid pandemic. Annual revenue has topped ?10 billion for the first time since 2019, and totalled ?10.3 billion in the year to 31 March 2024. This was a 13 per cent increase if compared with the ?9.1 billion in the previous year, when adjusted for inflation. However, the number of commuters with season tickets is still falling, and they now account for fewer than one in eight passengers, compared with one in three before the pandemic.