Summary
In the last year we have made considerable efficiencies in the way we run our business. We are now much more confident that we can meet our efficiency targets in this five-year regulatory period.
Whilst our performance was adversely affected by the severe weather, the state of the network remains good, and we are working hard to return to targeted levels of punctuality and reliability. Likewise the financial framework within which Network Rail operates remains stable and robust, even in difficult economic conditions.
There is still much work to do and we need to quicken the pace of investment delivery over the next year.
This next year may shape the future of the railway industry. Network Rail will devolve responsibility for decision-making to Route Managing Directors who will lead businesses of a size equivalent to FTSE 250 companies. This will provide a platform for new ways of working and partnerships with customers. It is a time of great change for our Company and the whole rail industry, and Network Rail is in the vanguard of this transformative process. The performance we have delivered over the past year, together with a changed approach from the Company will allow us to play our part in improving the railway for all its users and stakeholders.
It is against this background that we will meet the challenge: to focus on running a safe and reliable railway, to drive further efficiencies and to deliver the exciting improvements in the infrastructure required to meet the demands of current and future generations of rail users.
Patrick Butcher
Group Finance Director
8 June 2011
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