PRIVATE rail companies have extracted some £1.8 billion in dividends since 2016, a new analysis by RMT revealed today.

The union’s report shows that firms paid out more than £510 million during and after the pandemic and £190.6m in 2023/24 alone.

FirstGroup extracted an eye-watering £203.7m post-pandemic, including £60m from Avanti West Coast, according to the analysis.

Govia meanwhile paid out £154m to shareholders, mainly from its Thameslink operations, despite its Southeastern franchise being removed for financial misconduct.

Transport UK, previously known as Abellio, took £114m from three franchises, the analysis revealed.

And Arriva, owned by a Luxembourg-based private equity firm, paid out £35m, almost all from CrossCountry.

Released on the first anniversary since the Passenger Railways (Public Ownership) Act gained Royal Assent, the findings hammer home why a nationalised system is vital to strengthening and modernising the network.

RMT general secretary Eddie Dempsey said: “Nearly £2bn has been taken out of the railway to line the pockets of shareholders and private company bosses.

“Even during the pandemic, when operators were entirely reliant on public funding, dividends kept flowing out of the industry and often leaving the country altogether.

“The Public Ownership Act is a major step forward and we need Great British Rail as soon as possible to bring track and train together to ensure every penny is reinvested in a railway run for the interests of rail workers and passengers.”