Network Rail tumbled to £1.1bn loss after ‘deeply bruising’ year of strikes
Network Rail tumbled to a £1.1 billion loss for the past year as it was impacted by strike action and higher interest payments on its debts.
The body, which owns and manages the infrastructure of most of the UK’s railway network, saw losses grow for the year to March 31 from a £324 million profit in the previous year.
It said this was primarily linked to increases in the value of inflation-linked bonds previously issues to fund the railway. Higher inflation levels meant significant increased interest payments on these debts.
It came as the body also reported that revenues grew to £10.01 billion for the year from £9.55 billion a year earlier.
Andrew Haines, chief executive of Network Rail, said: “For our railway the last year will be remembered for one issue almost exclusively, strikes.
“The period of industrial action at Network Rail was deeply bruising, not only for our relationships with colleagues, but for our passengers and freight customers right across Britain.
“Strike action hit our industry finances hard and knocked passenger confidence, but I passionately believe our perseverance and determination to agree the right deal has set up the railway for a brighter future.
“Now, a new chapter lies ahead, and it is our shared responsibility to heal from this period of industrial action to build a stronger, more resilient and safer business.”
Network Rail, RMT and ASLEF have been asked for comment.
Press Association
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