Network Rail misses punctuality targets (just)
Network Rail has narrowly missed its punctuality target, the train group has admitted, while revealing a drop of nearly a quarter in profits.
The group is charged with getting 90 per cent of trains to their destination on time: figures out this morning show that it has reached a moving annual average of 89.5 per cent.
There has been a steady improvement in punctuality since Network Rail took over the operation, with the average less than 80 per cent back in 2002.
But the most recent period, from 18 October to 14 November, was 84.3 per cent, down on the same period last year, when 84.6 per cent of trains arrived on time.
It comes as pre-tax profits fall 23 per cent to £246m, with operating costs rising by £88m to £2.24bn.
In June, it was announced the company directors would not receive a bonus, having missed targets.