Network Rail's Profit Rockets as Passenger Numbers Double

Network Rail has almost doubled its profit after tax for the 2013/14 year, revealing that the figure had risen to an astounding £1.3bn.

For the fiscal year that has just gone, the railway company says that its profits after tax had risen by 86% from £677m ($1.1bn, €841m) on the year before.

The healthy figure for Network Rail comes after the number of passenger journeys had risen by 86m (5.6%) to 1.6 billion - double the growth rate that was predicted in 2009.

However, on paper it looks as though Network Rail struggled to cope with the growing demands as 90% of trains ran on time for the firm, some 2.5% below the regulatory target.

Mark Carne, chief executive for the firm, says that the railway lines are a little congested as a result of the growth of train travel.

"With a million more trains on the network than 10 years ago, there are inevitable challenges - we are determined to do more to improve train reliability in the face of these challenges," said Carne.

In light of this, Network Rail is hard at work in a bid to rectify the problem as is shown by the fact that over 2,000 miles of track were renewed in the year.

Almost £7bn has been invested in the UK's railway infrastructure over the last 12 months, according to Network Rail, as commuters fall back in love with the railway.

"We are in the middle of a rail renaissance, with record levels of passenger numbers and record levels of investment. This flourishing sector is investing heavily to improve the railway for today and for tomorrow," added Carne.