Railtrack faces £10m fine

Railtrack faces fines despite cuts in delays

Railtrack has admitted failing to meet the industry regulator's target for reducing delays, and could face a fine of £10m as a result.

The company, which runs Britain's stations and tracks, said it had cut delays by 10% in the year to March 2000.

But the reduction falls short of the 12.5% demanded by the Rail regulator, Tom Winsor.

Standing firm on penalties - Rail Regulator Tom Winsor

He has threatened to make Railtrack pay a £4m fine for every percentage point the company fell short of the target, a penalty the company has appealed against.

Railtrack are also unhappy it will have to add the 2.5% shortfall to the 5% target for reducing delays this year.

Considerable improvement

The delay figures were released as Railtrack announced its end-of-year operating statistics.

It said the last year had been "dominated by the tragic accident at Paddington".

Thirty-one people died when a two trains, a Great Western express and a Thames Trains commuter service, collided at Ladbroke Grove in west London.

"Many Challenges" - Railtrack chief executive Gerald Corbett

Railtrack said it was "no comfort to those touched by the Ladbroke Grove accident" that 1999-2000 saw the lowest-ever number of signals passed at danger.

The total fell by 12.2% to 595.

It also reported other improvements with annual invest up by 16% to £2bn, reductions in the number of broken rails and fewer speed restrictions.

Obligations

Railtrack improvements

Passenger train delays (for which it was responsible) down 44% in four years

Annual investment up 16% to £2bn - more than twice the level of three years ago

Number of broken rails down by 4% in 1999-2000

Track quality improved - only 1.2% short of the 2001 target

Temporary speed restrictions down 15%.

Railtrack chief executive Gerald Corbett said: "It has been a dramatic year as we have continued to modernise the business to achieve improvements in our public service obligations and implement all the changes which the tragedy at Ladbroke Grove has highlighted as necessary."

"Alongside delivering further safety improvements, our priority is delivering our public service obligations as agreed with our regulator."

But he added: "There is much more to be done and we face many challenges over the coming year as the targets become tougher."