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07/06/2012
Network Rail Profits And Debts Increase Togther
New figures have revealed that Network Rail’s profit after tax rose from £313m to £754m last year but its net debt also increased from £25bn to £27bn
Network Rail (NR) is a not-for-dividend company, has no shareholders and has its debt guaranteed by the government.
However figures show that its debt has soared, rising from £25.05bn in 2010/11 to £27.28bn in 2011/12.
The company's profit after tax rose from £313m in 2010/11 to £754m in 2011/12 while operating profit increased from just under £2.03bn in 2010/11 to just under £2.34bn in 2011/12.
The NR group finance director, Patrick Butcher, said: "Our results today demonstrate clear and steady progress in meeting our efficiency targets. These targets are tough but we are committed to succeeding.
"In a year where NR has maintained financial discipline, we have continued to deliver a larger capital programme, building the capacity of the railway of tomorrow.
"At the same time NR has shown it is open to change and reform – with the aim of delivering greater accountability and better value and service for our customers and funders."
(H/Gk)
Network Rail (NR) is a not-for-dividend company, has no shareholders and has its debt guaranteed by the government.
However figures show that its debt has soared, rising from £25.05bn in 2010/11 to £27.28bn in 2011/12.
The company's profit after tax rose from £313m in 2010/11 to £754m in 2011/12 while operating profit increased from just under £2.03bn in 2010/11 to just under £2.34bn in 2011/12.
The NR group finance director, Patrick Butcher, said: "Our results today demonstrate clear and steady progress in meeting our efficiency targets. These targets are tough but we are committed to succeeding.
"In a year where NR has maintained financial discipline, we have continued to deliver a larger capital programme, building the capacity of the railway of tomorrow.
"At the same time NR has shown it is open to change and reform – with the aim of delivering greater accountability and better value and service for our customers and funders."
(H/Gk)
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