Severn Valley Railway has reported a "universally positive" AGM after a year littered with financial challenges.

The railway said it has battled "commercial turmoil" to make cost savings in 2023.

Speaking at its 52nd Annual General Meeting on Saturday, June 22, chairman Chris Walton said: "This has been effectively a year in which we reset what we were doing on the railway, to stabilise it for the future and to provide the foundation on which we can rebuild.

Read more: Council's plan to invest £3.5m in electric vehicle chargers

"Managing costs has been a key strategy alongside that of diversifying our core business and also widening our commercial portfolio to ensure the railway is more resilient."

He added: "The first five months of 2024 have shown how strong these foundations have been, but we must keep our focus, as this is going to be a long project to ensure the railway’s survival.

"Other railways are following our lead.

"This is a widespread problem, not unique to the SVR, nor indeed to the heritage rail sector.

"Economic circumstances have changed around all businesses but in particular for those dependent upon discretionary spend."

Mr Walton listed many success of the railway in 2023, such as record-breaking steam and diesel enthusiast events, its first-ever winter mini events and the completion of phase one of the Bridgnorth Yard refurbishment project.

It also diversified its commercial relationships with main line rail companies, resulting in a partnership with Network Rail.