Network Rail to reinvest £747 million profit

27-11-2006

Network Rail to reinvest £747 million profit
Not for profit rail operator Network Rail has announced its first-ever profits of £747 million for the half-year, with the firm intending to invest the sum back into the country's tracks and signals.

Created in 2002 following the demise of Railtrack, the company also said today that nine out of ten trains arrive on time, while £1.1 billion worth of cost savings has been made.

Last year Network Rail recorded a loss of £108 million, but the firm explained that its deferral of pre-arranged government income was behind the results of the past 24 months.

Network Rail chairman Ian McAllister today dubbed Britain's rail infrastructure as a "success story".

"Train punctuality is at a seven-year high, passenger numbers are at levels not seen for almost 50 years, travelling by train is the safest it has ever been and passenger satisfaction with the service we, and the train operators provide, is at an all time high," he said.

However, Mr McAllister conceded that the firm must "do more", adding: "We must respond now to the challenge of accommodating the growth predicted in the years ahead. The need to boost capacity on the network is clear, and Network Rail will play its part in making this happen."

The chairman explained that the company's priorities would continue to be improving performance and reducing costs.

"We are also spending much time and resource looking to the future, where boosting capacity and preparing the railway for more trains and passengers, is a priority," he concluded.


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