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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)
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