London's Bike Sharing Program Expects to Make Profit

London's 10-week old bike sharing program appears to be on its way to turning a profit, a rarity in the public transit world.
October 16, 2010, 5am PDT | Nate Berg
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"The project had its first appraisal by the Greater London Authority (GLA) transport committee yesterday. Jeroen Weimar from Serco, the operating company, told the committee: "As of this morning there are 94,500 members of the bike hire scheme and between them they have made over 1,068,000 journeys."

TfL announced that the area covered by the scheme will be expanded, but the timing of the extension depends on how much TfL's budget suffers on October 20th when the government announces its spending review."

Transport for London, the group that operates the program, expects to recover the costs of setting up the system within the next two or three years.

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Published on Wednesday, October 13, 2010 in Guardian
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