Under our new chief executive, David Higgins, we need to continue to focus intensely on delivering an even better value, more punctual railway for our customers and for passengers.”

Financial and performance highlights for the year:

£400m, in real terms, cut from the cost of running the railway
Revenue was £5,712m (2009/10 : £5,668m)
Operating profits were £2,028m (2009/10 : £1,981m)
Profit before tax was £438m (2009/10 : £395m)
Capital expenditure was £3,997m (2009/10 : £3,920m)
Net debt at year end was £25,049m (2009/10 : £23,838m)
Gearing ratio (debt to regulated asset base) was 63.4% (2009/10: 63.9%)
In 2010/11 90.9% of passenger trains ran on time down on the 2009/10 figure of 91.5% (mainly as a result of the severe winter weather)
Within its report and accounts, Network Rail published details on executive remuneration. For 2010/11 the remuneration committee, with the agreement of the executive directors, decided not to award any annual bonus for the year.

Rick Haythornthwaite added: “I would like to pay tribute to Iain Coucher for the very substantial role that he played in the turnaround of Britain’s railways. It is easy to forget the grim situation faced by Network Rail back in 2002 with poor performance, a poor safety record and the trust and reputation of the industry in tatters. We now have a far better performing, safer railway with more numerous and more satisfied passengers than ever before.’