Network Rail profits surge 63pc

Suzie Neuwirth

NETWORK Rail today announced a 63 per cent increase in pre-tax profits, up to £775m this year.

The railway operator posted revenues of £6.2bn for the year, up from £6bn the previous year.

90.9 per cent of passenger trains ran on time, compared to 91.6 per cent the year before.

The results follow last week’s news that its bosses would receive less than a third of their potential bonuses this year, but will still collectively receive £350,000 despite missing punctuality targets.

“The challenge we have faced over the last year, and will continue to face in the years ahead, is one of success – more people wanting to use more trains, more of the time,” said group finance director Patrick Butcher.

“However, the economic times in which we live mean that alongside delivering new capacity we need to keep a constant drive for improved efficiency. Our overall financial performance remains strong and we are on track to deliver over £5bn of cost savings for the five years to 2014.”