Railtrack is set to be fined about £15m because of its failure to hit train timekeeping targets for the year to the end of March.

It blames three days of heavy delays in November and December for putting the punctuality targets almost certainly out of its reach.

Although it has improved reliability by about 9%, it is about 3.7% down on the improvement demanded by the rail regulator.

It faces a fine of £4m for every percentage point it falls behind the target. This arrangement was set after its failure to reach its agreed goals in the previous year.

Railtrack is responsible for all delays to train services which result from infrastructure problems, such as signalling or track faults.

The coming months would have to be "outstanding" to hit the rail regulator's goals, despite the improving performance, said Railtrack.

Trains still pass danger signals

Bad weather was given as the reason for 300,000 minutes of delay across the three days 1 November, 3 December and 20 December.

On safety, Railtrack said the number of trains passing signals showing danger was down 11% since last April, compared with the same period a year earlier.

In the three months to 8 January the number fell by 26% against the same quarter of 1999.

The company said its pre-tax profits for the year to March would be "broadly in line" with last year's £428m.

It confirmed the widespread reports that it had opted not to make a bid for any of the public private partnership projects on the London Underground.

Railtrack upbeat

Chief executive Gerald Corbett said: "Our performance has improved, broken rails are reducing, track quality is getting better, growth is healthy and investment is significantly up.

"However, we recognise there is more to do. A series of further programmes have been developed, including a further increase in investment to meet these needs."

Track infrastructure had been extended by 3.3%, measured in passenger train miles.

Railtrack shares initially rose before falling to stand 7p lower at 912.5p in afternoon trade.