30 May 2003
Network Rail turned in a £290m loss for 2002/03, compared with the £295m profit made by the now-defunct Railtrack in its final year. Last year, spending on renewals increased by 32% to £2.5bn from £1.9bn, and maintenance spending rose to £1.2bn from £900m.
Chief executive John Armitt said: 'The last year has been one of continuous change. Despite all this, it saw some good performance in key areas such as reductions in broken rails, temporary speed restrictions and a decreasing number of signals passed at danger.'
But he said the increase in delays caused by infrastructure work 'was an unacceptable performance'.
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