Network Rail results 2013/14
Network Rail results for the year ended 31 March 2014 show that revenue increased 2.2% to £6.333bn (2013: £6.197bn), but operating profit dropped 9.3% to £2.001bn (2013: £2.207bn).
However, profit before tax increased 38.6% to £1.035bn (2013: £0.747bn), and profit after tax shot up 85.5% to £1.256bn (2013: £0.677bn). These fluke figures are explained “as a result of accounting gains on hedging instruments of £304m (2013: £43m loss) and a tax credit of £221m (2013: charge of £70m).”
Net debt increased 8.7% to £32.987bn (2013: £30.358bn), and capital expenditure rose by 36.1% to £6.873bn (2013: £5.050bn). Net operating costs were up 8.6% to £4.332bn (2013: £3.990bn), of which employee costs amounted to £1.910bn (2013: £1.789bn).
Franchised track access and grant income accounted for £6.020bn – 95% of all revenue, as against £238m for property rental (3.8%), and just £52m in payments from freight train operators (0.8%).