Network Rail spending soars to record £7bn

Aaron Morby 11 years ago
Share

Network Rail spent almost £7bn improving and expanding Britain’s railway network over the last 12 months.

The record investment amounts to almost £20m a day on new stations, platforms, lifts, footbridges and new track to build a bigger, better railway.

According to the latest accounts released today the rail infrastructure business almost made a £1.35bn profit, up from restated profits of £747m the year before.

Mark Carne, chief executive, said: “We are in the middle of a rail renaissance, with record levels of passenger numbers and record levels of investment. This flourishing sector is investing heavily to improve the railway for today and for tomorrow.”

Over the year, 90% of train services ran to time, 2.5 percentage points below the regulatory target.

While some of this shortfall was caused by congestion as the railway witnessed growth of 5.7% in passenger journeys during the year, extreme weather and slower improvements in asset reliability also played a part.

Carne continued: “We will increase the reliability of the network and make it more resilient to climate change. Continued investment in our railway will also be key if we are to grow our economy and deliver a better, improving, expanding rail network for millions of daily users.”

Financial highlights

Capital expenditure was £6,873m (2012/13: £5,050m)
Revenue was £6,333m (£6,197m)
Profit after tax was £1,256m (up 86% from £677m) with all profits reinvested
Net debt at year end was £32,987m (£30,358m)

Over 5,000 projects have been completed over the course of the last five years (control period 4 – CP4 – 1 April 2009 to 31 March 2014).

More than 2,000 miles of track renewed and improvements were made to over 500 stations across the country.

Over 140 platforms lengthened across London and the South East and almost 200 lifts installed at stations countrywide.

Latest news

Cardo in talks to buy Breyer roofing arm

More than 100 jobs could be saved at Breyer Roofing
20 minutes ago

Plan in for £350m London Bridge life sciences hub

Snowsfields Quarter will consist of three buildings containing labs
46 minutes ago

Permasteelisa wins cladding deal on Multiplex city tower

Facade specialist wins work on Fenchurch Street ‘hanging gardens’ tower
55 seconds ago

Surging labour costs push tender price forecast up

Pick-up in tender prices despite weak growth
48 minutes ago

Wates wins fit-out for Manchester First Street Hub

Smartspace arm secures another Government hub deal
21 hours ago

Peel Ports reveals winners for £750m framework

18 firms win places on deal: Full list
22 hours ago

Big trade names dropped in M Group rebrand

Acquisitive group formed from Morrison Utility services in 2016
19 hours ago

Breyer Group files administration notice

Staff hope rival firm could buy assets and save jobs
24 hours ago

Former Severfield director takes helm at Embrace Steel

New CEO Martin Kelly aims to step up expansion of steelwork contractor
1 day ago

£302m upgrade funding awarded to FE colleges – list

Cash shared out between England’s 179 college groups
24 hours ago

FK Facades thrives but construction arm hit by ISG row

Dispute with failed contractor costs specialist £5.5m
1 day ago

Galliford Try gets go-ahead for Milton Keynes PRS tower

33-storey tower needs gateway 2 approval before work can start
2 days ago

Small house builders get £150m funding for green homes

Developers will have to meet-up to ten new criteria to benefit from interest rate discounts
1 day ago

Lendlease Construction renamed Bovis

US private equity firm completes £35m purchase of UK contracting business and rebrands
2 days ago

Breyer Group battles for survival as rivals circle

Housing maintenance firm fights three winding up petitions in a month
2 days ago

Careys facing £2.4m claim by developer over demolition cartel

Giant Hong Kong developer claims it was overcharged on Lots Road Power Station job
2 days ago

Multiplex profit drops a third as revenue rises to £780m

Spate of new orders sets contractor up for three years of work
2 days ago

Galliford Try and Breheny land latest Sizewell C road deals

More infrastructure deals for new nuclear power station
3 days ago

Worker trapped in collapsed septic tank pit

Contractor and director fined after worker suffers multiple fractures
2 days ago

Homes England buys stalled Broad Marsh site

Demolition to finally be completed as developer hunt begins
3 days ago

Vistry go-ahead for 353 homes at Rochester Riverside

Work to start on next phase of Kent town regeneration at end of this year
3 days ago

M&E firm J S Wright collapsed owing £19m

Trade creditors hit for £11.4m by employee-owned Midlands firm
3 days ago

Right to work checks to be extended to self-employed

Government plans crackdown on illegal working and rogue employers
3 days ago

Midlands developer turns to London with £1bn resi schemes trio

SevenCapital plans 1,000 flats in Kensington, Islington and the Isle of Dogs projects
3 days ago

Deck falls off huge scissor lift at Winvic site

Two men seriously injured as platform plunges to the ground
6 days ago

Weston targets Build to Rent with new division

Weston Partnerships signs first deals with asset managers and councils
3 days ago

Bouygues seals deal for £119m Cardiff college campus

Construction to start in June on two new buildings
6 days ago

£140m cash injection to speed-up flood defence schemes

Funding part of £2.65bn investment over the next two years
3 days ago

Bid race starts for £15bn schools framework refresh

DfE throws framework open to more contractors
6 days ago

Berkeley’s £600m Borough Triangle project approved

Controversial scheme features two towers of 38 and 44-storeys
7 days ago

Contractor services