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Revenue down 'significantly' as drivers bypass M6 Toll
Page 10
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by Chris Tindall THE COMPANY running the M6 Toll is suffering from "weakerthan-expected revenues" because traffic on the pay-as-you-go motorway has been consistently lower than expectations.
As a result Macquarie Motorways Group has had its credit profile downgraded by global analysts, including credit rating firm Standard & Poor's (S&P), which says the downgrade reflects the increased risks on its loans.
Hauliers have snubbed the 27mile road due to the .E9 cost and marginal benefits to delivery times. But S&P's primary credit analyst, Beata Sperling-Taylor, says overall traffic volumes have also fallen.
Beata Sperling-Taylor says: "Until 20 June 2007, lower traffic numbers were largely compensated for by higher-than-forecast toll rates. But in the second half of 2007 and the first half of 2008, traffic performance continued to weaken and revenues were significantly below our expectations."
The latest figures show that around 42,000 vehicles use the road each day 13.2% fewer than used it each day in 2007 and around 10% fewer than in 2006.
S&P says problems at Macquarie's subsidiary, Midland Expressway (MEL), have been compounded by rising fuel prices and a downturn in the UK economy. MPs criticised the Government for -handing [over] such total control" of the road's operation after it opened in 2003, including an unfettered ability to set toll rates. Concerns are growing (see CM 14 August) that this could be repeated if the Welsh Assembly agrees to a tolled relief road alongside the M4.
Gerry Jones, boss of Gerry Jones Transport, says: "It will make it less attractive to businesses in Wales. It's another toll added to the expense of the [Severn] bridge. The correct answer is widening the motorway."
MEL insists the M6 Toll remains "excellent value for money"; and is "always looking at ways to encourage usage. The number of HGVs using the MO Toll varies throughout the year due to seasonal effects and roadworks on the M6."
• See CM next week for a full toll road analysis.