Railways face ‘challenge of success’
Network Rail has said it remains on track to save £5bn in cost savings.
The company’s financial records for 2012/13 reveal it had “a tough final year of the control period” to meet its efficiency target of cost savings for the five years to 2014.
“The challenge we have faced over the last year, and will continue to face in the years ahead, is one of success – more people wanting to use more trains, more of the time,” said Patrick Butcher, group finance director.
“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 for the five years to 2014.
“Building capacity and driving efficiency while maintaining performance at today's historical high levels lie at the heart of our bid for funding for the next five year control period (2014-19) and the future of the company.”
Network Railsaid it continues to invest in major improvements, such as Thameslink programme’s new stations at Farringdon and Blackfriars, and 12-carriage capability at all stations north of the Thames and rebuilding Birmingham New Street station.
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