Menu
20/11/2003
Network Rail 'on right path' despite £233m losses
Network Rail today has today that it is "on the right path" despite posting massive pre-tax losses of £233 million for the six months to the end of September.
The not-for-dividend rail operator said that, as part of cost-cutting measures, it would cut around 2,000 jobs within the next three years.
The interim report indicated that turnover was "broadly flat" at £1.501 billion – and operating losses stood at £95 million, a turnaround on last year's £121 million profit.
Net debt rose £900 million over the past year to £10.3 billion – which, despite last year's mark, was below forecasts of £10.7 billion.
The company said that the past six months had been "challenging" but Network Rail was on the "right path towards much-improved performance in the future".
Network Rail pointed to its "significant increase in investment in rail infrastructure", as maintenance expenditure increased from £583 million to £685 million. Renewals expenditure also increased from £1.05 billion to £1.49 billion.
Train punctuality had also improved on last year, with 82.4% of trains running on time compared to 81.8% in first half of 2002.
The company said that today's results were in line with expectations as saying the rail network was in a "poor" state when Network Rail took over.
Network Rail chairman Ian McAllister referred back to the company's statement of October last year which stated that it would take three to five years to deliver "sustainable change".
Mr McAllister added: “Other measures showing pleasing performance include the number of broken rails and category A signals passed at danger, for instance, which are at historically low levels.
"We must be eternally vigilant, but rail continues to be an extremely safe mode of transport."
(gmcg)
The not-for-dividend rail operator said that, as part of cost-cutting measures, it would cut around 2,000 jobs within the next three years.
The interim report indicated that turnover was "broadly flat" at £1.501 billion – and operating losses stood at £95 million, a turnaround on last year's £121 million profit.
Net debt rose £900 million over the past year to £10.3 billion – which, despite last year's mark, was below forecasts of £10.7 billion.
The company said that the past six months had been "challenging" but Network Rail was on the "right path towards much-improved performance in the future".
Network Rail pointed to its "significant increase in investment in rail infrastructure", as maintenance expenditure increased from £583 million to £685 million. Renewals expenditure also increased from £1.05 billion to £1.49 billion.
Train punctuality had also improved on last year, with 82.4% of trains running on time compared to 81.8% in first half of 2002.
The company said that today's results were in line with expectations as saying the rail network was in a "poor" state when Network Rail took over.
Network Rail chairman Ian McAllister referred back to the company's statement of October last year which stated that it would take three to five years to deliver "sustainable change".
Mr McAllister added: “Other measures showing pleasing performance include the number of broken rails and category A signals passed at danger, for instance, which are at historically low levels.
"We must be eternally vigilant, but rail continues to be an extremely safe mode of transport."
(gmcg)
Related UK National News Stories
Click here for the latest headlines.
13 January 2012
Legal Action Taken Over Cumbrian Rail Crash
It has been revealed that Network rail is to be prosecuted over the Cumbrian rail crash back in 2007, which claimed one life. The rail regulation body, The Office of Rail Regulation (ORR) has said that they have started legal proceedings against Network Rail for a breach of health and safety law.
Legal Action Taken Over Cumbrian Rail Crash
It has been revealed that Network rail is to be prosecuted over the Cumbrian rail crash back in 2007, which claimed one life. The rail regulation body, The Office of Rail Regulation (ORR) has said that they have started legal proceedings against Network Rail for a breach of health and safety law.
08 November 2011
High Speed Rail Network Gets Backing
A government committee has announced that a high-speed rail link between London and Birmingham has a "good case". The announcement comes after the Government carried out a public consultation on the proposal and the recommended route for an initial high-speed line from London to the West Midlands.
High Speed Rail Network Gets Backing
A government committee has announced that a high-speed rail link between London and Birmingham has a "good case". The announcement comes after the Government carried out a public consultation on the proposal and the recommended route for an initial high-speed line from London to the West Midlands.
09 October 2008
Scottish Rail Strike Suspended
Scottish rail services are expected to return to normal after talks between Network Rail and the Rail Maritime and Transport (RMT) union lead to a suspension of the 24-hour strike scheduled for noon.
Scottish Rail Strike Suspended
Scottish rail services are expected to return to normal after talks between Network Rail and the Rail Maritime and Transport (RMT) union lead to a suspension of the 24-hour strike scheduled for noon.
27 April 2004
Firms accept liability for Potters Bar rail crash
In a joint statement made today Network Rail and Jarvis plc have formally accepted liability for the 2002 Potters Bar rail crash. Network Rail and Jarvis said they hoped that by "formalising the liability issue, those affected by the tragedy will gain some level of comfort and assistance".
Firms accept liability for Potters Bar rail crash
In a joint statement made today Network Rail and Jarvis plc have formally accepted liability for the 2002 Potters Bar rail crash. Network Rail and Jarvis said they hoped that by "formalising the liability issue, those affected by the tragedy will gain some level of comfort and assistance".
24 October 2003
'Fundamental review' sees rail maintenance brought in-house
Network Rail has announced that it is to bring rail maintenance activity back in-house, and so unify the operation and maintenance of Britain's rail infrastructure. Today’s announcement represents the "most fundamental restructuring" of Britain’s railway since British Rail was reorganised in 1994, two years before privatisation.
'Fundamental review' sees rail maintenance brought in-house
Network Rail has announced that it is to bring rail maintenance activity back in-house, and so unify the operation and maintenance of Britain's rail infrastructure. Today’s announcement represents the "most fundamental restructuring" of Britain’s railway since British Rail was reorganised in 1994, two years before privatisation.
-
Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
