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Network Rail reveals turnaround in profits

Network Rail today announced pre-tax profit of £299M for the six months to 30 September, doubling its figures for the same period last year.

The announcement reveals the firm has made headway towards improving its business compared with last year’s figures which saw the rail infrastructure owner and operator pre-tax profits fall 75%.

It also said it had made almost £200M in savings and was on track to achieve £400M, or a further 9%, savings by the end of the financial year.

Net debt of £23.97bn was up slightly from £23.84bn at the last year end but the firm said it is confident that its debt is “well managed”.

“Delivering a safe, punctual, bigger and better railway will continue to be our focus but of increasing importance is the task of reducing the cost of our railway,” said Network Rail group finance director Patrick Butcher. “We have made progress with almost £200M of real savings over the past six months, but there is a long way to go to deliver an affordable, value for money railway for passengers and taxpayers.”

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