Network Rail yesterday reported a rise in pre-tax profit and revenue in the full year 2010/11.
Revenue in the year rose from £5.668 million to £5.712 million, while pre-tax profit increased from £284 million to £313 million.
Capital expenditure also rose from £3.9 billion to just under £4.0 billion and net debt climbed from £23.8 billion to £25.0 billion.
During the year Network Rail said it had cut over 1,500 jobs, although this only saved the company around £200 million thanks to a 1.5 per cent rise in average staff salaries.
Network Rail said that 90.9 per cent of its trains were on time, down from 91.5 per cent in the previous year, a drop attributed mainly to the poor weather.
Patrick Butcher, Group Finance Director of Network Rail, commented, "This is a moment of great potential for the rail industry, where real reform for the benefit of user and taxpayer is a genuine possibility. Network Rail has been in the vanguard of change over the past year and will continue to drive for rapid, safe evolution. Examples of our initiatives include moving decision making closer to our customers, partnering with key industry players and setting up the potential for greater competition as a stimulus to further improvements in performance. There can be no turning back for reform - the key question we face is how to deliver at an ever increasing pace."