Profit jumps at under fire Network Rail
Although its performance on the tracks may not be quite up to scratch, Network Rail put in a strong financial performance last year, as pre-tax profits jumped by 8 per cent.
A week after the regulator condemned Network Rail for its "unacceptable" levels of late and cancelled train services, the operator and manager of tracks, bridges, tunnels, signalling and some stations reported a £471m pre-tax profit for the year to 31 March. Revenues increased by 5 per cent to £6bn, while operating costs declined 5 per cent to £2.34bn.
The government-backed rail infrastructure group reported a substantial, £2.2bn increase in its net debts for the year to £27.3bn over the year.
Patrick Butcher, Network Rail's finance director, admitted the debt was "certainly a big sum" but put much of the rise down to major new infrastructure projects such as the London Thameslink and the redevelopment of Birmingham New Street.
But despite rising profits and spending, Network Rail is out of favour with the Office of Rail Regulation, which threatened it with a £42m fine for late-running, long-distance trains unless it improves punctuality over the next two years.
- 1 Ashya King missing: Police hunt five-year-old boy with brain tumour snatched from Southampton hospital by his parents
- 2 Notting Hill Carnival: Woman shares selfie after being ‘punched in face for telling man to stop groping her’
- 3 Daily Show's Jon Stewart destroys Fox News for its Ferguson coverage
- 4 Botched ice bucket challenge leaves man critically injured after plane drops hundreds of gallons of water
- 5 Friends reunion: Jennifer Aniston, Lisa Kudrow and Courteney Cox perform mini sketch on Jimmy Kimmel Live
Ashya King missing: Police hunt five-year-old boy with brain tumour snatched from Southampton hospital by his parents
YouTube video posted by Isis militants shows 'execution of 250 Syrian soldiers'
Daily Show's Jon Stewart destroys Fox News for its Ferguson coverage
Californian drought is so severe it's 'causing the ground to move'
Botched ice bucket challenge leaves man critically injured after plane drops hundreds of gallons of water
Exclusive: We share blame for creating 'jihad generation', says Muslim strategist
Robin Williams Emmys tribute led by Billy Crystal criticised for including 'racist' joke about Muslim woman
The Rotherham child abuse scandal is a tale of apologists, misogyny and double standards
Scottish independence TV debate: Pumped-up Alex Salmond bounces back in bruising second round against Alistair Darling
Do you realise just how foolish the UK looks?
Ukip Douglas Carswell defection: Tory MP jumps ship to join Nigel Farage
- < Previous
- Next >
iJobs Money & Business
£450 - £500 per day: Orgtel: SAS Business Analyst, London, Banking, Credit Ris...
£32000 - £38000 Per Annum Bonus, Life Insurance + Other Benefits: Clearwater P...
£200 - £250 per day + competitive: Orgtel: KYC Analyst, Key Banking Client, Bi...
£400 - £500 per day: Orgtel: Test Manager - Banking - West Yorkshire - £400-£5...