Network Rail’s capital spending increased by almost 10% in 2012 to over £5bn
Network Rail’s capital spending increased by almost 10% in 2012 to over £5bn, the organisation said today.
Announcing results for the year to March 31 2013, Network Rail said it had spent £5.05bn - over £14m every day - up from £4.6bn the previous year.
Key projects in the year included the £130m Edinburgh Waverley improvement project, the refurbishment of Kings Cross station, the Thameslink programme, and the £895m expansion of Reading Station, which it said is now on schedule to be completed a year early, in 2015.
Network Rail is now embarked upon the final year of its five year control period running to 2014, during which it has to make £5bn of efficiency savings.
Network Rail group finance director, Patrick Butcher, said: “Over the last 12 months we have invested an unprecedented amount in growing and expanding the rail network through over 2,000 projects nationwide.
“However, the economic times in which we live mean that alongside delivering new capacity we need to keep a constant drive for improved efficiency. Our overall financial performance remains strong and we are on track to deliver over £5bn of cost savings.”
The organisation said it had faced tough task to meet efficiency targets given adverse weather conditions such as widespread flooding in 2013.
Network Rail’s revenue for the period was up to £6.2bn, and it made a profit after tax of £699m.