A railway company which was temporarily re-nationalised by the Government three years ago has reported an increase in profits and an improvement in passenger satisfaction.
Directly Operated Railways (DOR), which took over the running of the East Coast line from National Express, said its operating profit increased by 7 per cent in the year to March to £7.1 million. Turnover for the year amounted to £665.8 million, an increase of £20 million, leaving a profit before tax and service payments to the Department for Transport of £195.7 million, an increase of £13 million.
Passenger journeys at East Coast, which runs trains from London to Yorkshire, the North East and Scotland, increased by 2.1 per cent, while customer satisfaction at East Coast rose by 2 per cent, and the latest punctuality figures were its best since records began in 1999. DOR chairman Doug Sutherland said: “During the year, we made further very good progress with the business turnaround of East Coast, and continued to invest in our infrastructure assets, our people, and the delivery of significant improvements in customer service.
“Our assets have been worked harder, and a solid financial performance has been achieved in a challenging economic environment.
“The major challenge in May 2011 was the introduction of a comprehensive timetable change across the entire East Coast network.”
DOR said it anticipated that the franchise will transfer to a new private operator around the end of 2013.
Mr Sutherland added: “The twin aims now are of ensuring a successful transfer of the business back to the private sector and maximising the value of the franchise achieved by the Government and the taxpayer.”