Operating profit for Network Rail

Thursday, 26 May 2005 12:00 AM

Network Rail has recorded an operating profit, but still remains stuck firmly in the red.

The company posted annual figures to 31st March that listed a pre-tax loss of £164 million compared with a £1.07 billion annual loss a year ago.

Delays on the railway network, for which Network Rail was responsible, fell by 17 per cent over the twelve months.

The company also made an operating profit of £407 million, compared to an operating loss of £758 million for the year before.

For meeting a variety of performance related targets, the company received £102 million from the train operating franchises.

Chief executive John Armitt said: "The year to come will see Network Rail's employees continue to work hard to meet our objectives as we target a further substantial reduction in delays and further efficiency savings."

Despite improvements Network Rail remains stuck in the red to the tune of £15.6 billion, although this fell short of the £17.2 billion debt that analysts forecasted.

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