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Network Rail investment increases 20% but punctuality drops

Rail infrastructure owner and operator Network Rail today said it had invested £300M in the six months to 30 September this year compared with the same period last year, but train punctuality showed a fall.

The extra spend equates to a 20% increase – £2.07bn against £1.73bn – while 92.8% of trains ran on time compared to 93.5% compared with the first six months of 2010. The organisation said that performance was adversely impacted by increasing levels of cable theft as it anniounced its interim results.

Operating profit showed a small increase to £1.23bn compared with £1.12bn.

“Network Rail remains committed to running a safe railway with increasing cost efficiency, investment and performance,” said Network Rail group finance director Patrick Butcher. “As Network Rail devolves responsibilities for much decision making from the corporate centre to its routes, it will create a platform for new collaborative ways of working with its customers that will drive down the overall cost of the railway.”

Key figures for the half year to 30 September

Revenue was almost £3bn compared with £2.87bn for the same period last year
Operating profit was £1.23bn compared with £1.12bn
Profit after tax
was £136M compared with £275M
Capital expenditure
– the amount invested in the railway over the period – was £2.07bn compared with £1,73bn
Net debt
was £25.74bn compared with £25.05bn at the year ended 31 March 2011

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