[an error occurred while processing this directive]
BBC News
watch One-Minute World News
Last Updated: Thursday, 25 May 2006, 07:08 GMT 08:08 UK
Network Rail sees losses increase
Network Rail workers checking rail lines
Hundreds of miles of new track have been laid in the past year
Network Rail, the company that replaced Railtrack, has made an annual pre-tax loss of 232m, up from 47m last year.

The increased loss is mainly down to paying interest on money it has borrowed to fix the railway network.

The "not-for-dividend" firm says train punctuality is at a six-year high, and 3bn has been invested in the network, including 700 miles of new track.

The firm, whose top executives are due to receive big bonuses, hopes to be in the black this financial year.

"Punctuality is getting back to what it was before the Hatfield rail disaster in 2000," Network Rail chairman Ian McAllister told the BBC.

"But we have still got a lot to do to get to an operating level satisfactory to all our customers."

Mr McAllister also defended bonuses for chief executive John Armitt, who is on a basic salary of 504,000, and pointed out that all members of staff will receive a bonus.

Deputy chief executive Iain Coucher, finance director Ron Henderson and projects and engineering director Peter Henderson are also expected to receive sizeable pay-outs.

Train punctuality getting better
24 Nov 05 |  Business
Rail bosses face safety charges
04 Nov 05 |  London
Network Rail in 4bn revamp plan
10 Oct 05 |  Business
Network Rail back in the black
26 Nov 04 |  Business

The BBC is not responsible for the content of external internet sites


Americas Africa Europe Middle East South Asia Asia Pacific