Network Rail hails railway ‘renaissance’ despite punctuality fall

PUBLISHED: 11:08 12 June 2014

A Network Rail. Photo: Jonathan Brady/PA Wire

A Network Rail. Photo: Jonathan Brady/PA Wire

Network Rail (NR) said it was witnessing a “renaissance” on the railways today after rising passengers number sparked a 38.5pc increase in its pre-tax profits to £1.035bn.

But while passenger numbers were up 5.7pc to 1.6bn, the infrastructure giant missed its punctuality target of 92.5pc – recording 0.9pc fall to 90pc.

NR said its determination could not afford to waver in its quest to restore record high levels of punctuality while investing £2.2bn on rail improvements and expansions across the east.

More than £430m was invested in improving and expanding Britain’s rail network in East Anglia over the last 12 months, NR said as it revealed its full-year results for the 2013/14 financial year.

Abellio Greater Anglia has seen overall passenger growth on its network from 105.8m journeys in 2010 to 124.4m journeys in 2013, while this year 37.8m passengers used c2c services compared to 35m in 2010.

It comes as the company’s chief executive Mark Carne warned the House of Commons Transport Committee earlier this week that train fares remained a “major concern” for the travelling public.

He said NR “did not do a good enough job” on improving train reliability in the period 2009 to 2014 and that safety, reliability, coping with the growth of passengers and reducing rail costs were the four main challenges it faced.

Richard Schofield, NR route managing director, 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 the rail users of tomorrow.

“With more trains on the network than 10 years ago, there are inevitable challenges - we are determined to do more to improve train reliability in the face of these challenges. We will increase the reliability of the network and make it more resilient to climate change. 
“Continued investment in our railway will be key if we are to continue to grow our economy and deliver a better, improving, expanding rail network for millions of daily users.”

Last month, NR said it would to reduce the bonuses that can be earned by its top directors under a new regime where they would receive deferred annual bonus totalling 20pc of salary.

• Do you have a business story for the Eastern Daily Press? Contact Business Writer Ben Woods on 01603 772426 or email

Search hundreds of local jobs at Jobs24

comments powered by Disqus
Management Jobs

Show Job Lists

Newsletter Sign Up

Sign up to receive our regular email newsletter


Dr Belinda Clarke wants to be a “catalyst” to turn science and technology innovations into useful tools for the food and farming industries. She told CHRIS HILL how this drove her leadership of Agri-Tech East, winner of an EDP Business Award.

Simon Innes had more than 15 years of retail management experience when he joined CVS Group in 2004 and has since steered the company
to national success and an EDP Business Award. He told BETHANY WHYMARK about the company’s growing dominance in the animal care sector.

Green 100


Enjoy the Green 100
digital edition


Meet the Team

Mark Shields

Business Editor


Chris Hill

Agricultural and Farming Editor


Business Most Read


Norfolk Future 50 EDP Business Awards Green 100

Business Most Commented