On-time trains hit 10-year high

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The firm, which succeeded Railtrack in 2002, posted pre-tax profits of £780 million, four per cent ahead of last year when it made its first profit.

Spending was upped to £1.7 billion, an increase of £243 million over the last year.

Network Rail chairman Ian McAllister said "greater challenges" lie ahead for the firm as it steps up its plans to improve the rail system.

Two weeks ago the group set out proposals to provide more than 100,000 extra seats a day on trains as part of investment plans for the five years to 2014.

The group will spend £11.4 billion over the period on renewing track, signals, structures and stations as it seeks to handle more than 1.1 billion passengers a year - a 60-year high. Rail freight has also grown by more than 50% in the past 10 years.

Mr McAllister added: "The need to boost capacity on the network is clear. Network Rail will play its part in making this happen."

The group now has the financial stability to progress after tight cost controls which have seen the group save £1.7 billion on maintaining and operating the rail network over the past three years, the chairman said.

In August, Network Rail published a report into February's derailment at Grayrigg in Cumbria, in which one passenger died.

Mr McAllister said it was "vital" that lessons were learned over the tragedy.

Four Network Rail directors came under fire earlier this year for taking huge bonuses while deferring those of 119 staff who worked in the area of the crash. They later deferred part of their own bonuses as well.