Network Rail debt soars past £30bn

The net debt, which is guaranteed by the Government, rose from £27.28bn in 2011/12 to more than £30.35bn in 2012/13.

Network Rail’s 2012/13 profit after tax was £699m compared with £761m in 2011/12, while operating profit fell from just under £2.35bn in 2011/12 to just under £2.22bn in 2012/13.

Revenue rose from just over £6bn in 2011/12 to just under £6.2bn in the last financial year.

Network Rail (NR), which is responsible for track and signalling, said that 90.9 per cent of passenger trains ran on time in 2012/13, a dip on the 91.6 per cent figure for the previous 12 months.

Failure to meet train punctuality targets meant a reduction in
the annual bonus of top NR directors.

But, in figures announced last week, it was revealed that the top five directors still managed to be awarded annual bonuses totalling more than £350,000, with chief executive Sir David Higgins getting almost £100,000 to go with his £577,000 annual salary.