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Thursday, July 25, 2024

UK rail infrastructure investment up 33%

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Investment in major infrastructure projects on Britain’s rail network in the last six months was up 33 per cent on last year, according to Network Rail.

Publishing its half-year results, Network Rail stated that £2.74 billion had been spent on projects between April and October – an increase of 53 per cent from four years ago.

Major project milestones in the last few months have included the opening of Reading Station, the start of work on a new railway on the Scottish Borders and the completion of a £100 million resignalling scheme at Nottingham station.

In the past six months, Network Rail has also renewed 2,000 miles of track and carried out improvements at more than 500 stations.

Patrick Butcher, group finance director, said: “The railway continues to experience tremendous growth and we are responding to that demand through the biggest sustained investment programme since Victorian times.”

Although there was little change to Network Rail’s revenue and debt levels, the organisation did see its profit after tax increase substantially from £563 million last year to £861 million – a rise it attributes to “derivative gains and tax rate change credit”.

“We continue to invest record amounts to deliver a bigger, better railway for passengers and businesses across Britain,” Butcher added.

“We are also driving down the cost of running Britain’s railway to help make it more affordable in the years ahead. Train performance is still at high levels by historical standards, but has fallen behind our targets as we struggle to get more and more out of an ever overloaded network.”

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