Transport for London’s (TfL) first half revenues beat budget expectations by £260m, but the body still recorded a nine-figure deficit for the period.

TfL’s second quarter results, released today, revealed a £111m operating loss for the first half of 2019-20 – a deficit reduction of 40 per cent compared to the same period in 2018-19.

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The figures drastically beat expectations as TfL had budgeted for a £372m deficit for the period.

The better-than-expected performance was put down to an increase in passenger numbers on the London Underground and a less than expected decline in bus journeys.

TfL had budgeted for zero Tube passenger growth on the back of economic and Brexit uncertainty.

Operating income also soared thanks to an £80m injection of revenues from Ultra Low Emission Zone (Ulez) charges.

A TfL spokesperson said they aimed to be back in the black by 2022-23.

“We remain on track to reduce our overall net operating deficit across this financial year, as we work towards achieving an operating surplus by 2022/23, as outlined in our Business Plan last December,” they said.

City Hall has attracted great criticism for refusing to raise ticket prices as yearly losses have crept close to £1bn last year.

His four-year fares freeze has come alongside a £700m reduction in government funding and mounting losses on bus journeys.

TfL’s debt has now reached £11bn and is expected to climb to £13bn by 2022-23, according to a London Assembly investigation last year.

Conservative candidate Shaun Bailey said earlier this year he would raise TfL fares and independent candidate Rory Stewart said it was something he was considering.

“The amount of debt TfL has incurred is staggering,” Bailey said today.

“The answer can’t be to push the mess into the future, as Mr. Khan proposes to do.”

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A Khan spokesperson defended the mayor’s fare freeze as “making transport more affordable for millions of Londoners”.

“When he was Tory Mayor, Boris Johnson increased TfL fares by 42 per cent,” they said.