The highlights were:

* Pre-tax profit of £706m compared to £780m at 30 September 2007
* Profit after tax of £5m (Sep 2007: £591m) owing to increase in tax charge following abolition of industrial buildings allowance
* Operating costs £1,891m (Sep 2007: £1,764m)
* Capital expenditure £2,161m (Sep 2007: £1,723m)
* Income of £3,117m (Sep 2007 £2,984m)
* Net debt of £20,490m (March 2008: £19,743m)

Chief executive Iain Coucher said: “Network Rail continues to improve the railway for passengers and freight with record levels of train punctuality and continued high levels of investment. Once again, the company has delivered train performance ahead of forecast while running a safe and financially efficient railway.

"We have also met all the major project milestones on the West Coast main line in a period of intense activity and are on track to complete the upgrade on time, a phenomenal achievement on such a complex project. Starting in December, commuters, long distance passengers and freight users on the West Coast will start to enjoy the benefits of our work with hundreds more trains and thousands of extra seats."