NETWORK RAIL INFRASTRUCTURE LIMITED
Operating as an arm's length public body of the Department for Transport, the company owns, maintains, and develops the national railway infrastructure across Great Britain, including tracks, signals, and major stations.
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Cash
£763m
+28.2% highest in 3 filed years
Net assets
£23bn
+9.3% highest in 3 filed years
Employees
42,378
+2.5% highest in 3 filed years
Profit before tax
£608m
-15.6% lowest in 3 filed years
Watchouts
Facts from the Companies House register and the latest accounts — not a rating
-
Insolvency history on file
Companies House holds prior insolvency events for this company. Detail and outcome on the official register.
Net assets
3-year trend · vs Industrials median
NETWORK RAIL INFRASTRUCTURE LIMITED·Industrials median
NETWORK RAIL INFRASTRUCTURE LIMITED·Industrials median
NETWORK RAIL INFRASTRUCTURE LIMITED·Industrials median
NETWORK RAIL INFRASTRUCTURE LIMITED·Industrials median
NETWORK RAIL INFRASTRUCTURE LIMITED·Industrials median
Accounts
3-year trend · Δ = latest vs prior filed period · latest reflected 2026-03-31
| Metric | Trend | 2024-03-31 | 2025-03-31 | 2026-03-31 | Δ vs prior |
|---|---|---|---|---|---|
| Turnover | £11,538,000,000 | £11,319,000,000 | £11,862,000,000 | +4.8% | |
| Operating profit | £4,042,000,000 | £3,237,000,000 | £3,522,000,000 | +8.8% | |
| Profit before tax | £1,496,000,000 | £720,000,000 | £608,000,000 | -15.6% | |
| Net profit | £1,140,000,000 | £510,000,000 | £472,000,000 | -7.5% | |
| Cash | £428,000,000 | £595,000,000 | £763,000,000 | +28.2% | |
| Total assets less current liabilities | — | £82,148,000,000 | £88,063,000,000 | +7.2% | |
| Net assets | £19,106,000,000 | £20,915,000,000 | £22,857,000,000 | +9.3% | |
| Equity | £19,106,000,000 | £20,915,000,000 | £22,857,000,000 | +9.3% | |
| Average employees | 40,966 | 41,331 | 42,378 | +2.5% | |
| Wages | £2,422,000,000 | £2,551,000,000 | £2,734,000,000 | +7.2% | |
| Directors' remuneration | £1,300,000 | £1,200,000 | £1,300,000 | +8.3% | |
| Directors' pension contributions | £40,000 | £40,000 | £40,000 | 0% | |
| Highest paid director | £591,000 | £593,000 | £490,000 | -17.4% |
Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. About these numbers
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2024-03-31 | 2025-03-31 | 2026-03-31 |
|---|---|---|---|---|
| Operating margin | 35.0% | 28.6% | 29.7% | |
| Net margin | 9.9% | 4.5% | 4.0% | |
| Return on capital employed | — | 3.9% | 4.0% | |
| Gearing (liabilities / total assets) | 78.8% | 77.5% | 76.5% | |
| Current ratio | 0.14x | 0.22x | 0.31x | |
| Interest cover | 1.54x | 1.28x | 1.18x |
Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.
Name history
Renamed 1 time since incorporation
- NETWORK RAIL INFRASTRUCTURE LIMITED 2003-02-03 → present
- RAILTRACK PLC 1994-02-28 → 2003-02-03
Audit & accounting basis
- Accounting basis
- IFRS
- Reporting scope
- Consolidated group
- Auditor
- National Audit Office
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“After making enquiries, including those detailed above, the directors have a reasonable expectation that the company and the group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.”
Group structure
- NETWORK RAIL INFRASTRUCTURE LIMITED · parent
- Network Rail Insurance Limited 100%
- Network Rail (High Speed) Limited 100%
- Network Rail Development Limited 100%
- Network Rail Pension Trustee Limited
- Network Rail Consulting Limited 100%
- Network Rail Certification Body Limited 100%
- Network Rail (VY1) Limited 100%
- Network Rail (VY2) Limited 100%
- Network Rail (Stations) Limited 100%
- Network Rail International Limited 100%
Significant events
- “On 19 June 2026, a collision occurred between two passenger trains at Elstow, south of Bedford. The Rail Accident Investigation Branch published its initial findings on 24 June 2026. At the date of publication of this annual report and accounts, the circumstances surrounding the incident remain subject to ongoing investigation.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
14 active · 90 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| BEADLES, Susan Margaret | Secretary | 2022-08-25 | — | — |
| AMLA, Ismail | Director | 2021-04-01 | Aug 1965 | British |
| BATTERSBY, Carolyn Louise | Director | 2024-11-29 | Jul 1975 | British |
| BAYLEY, James Mark | Director | 2020-05-11 | Sep 1960 | British |
| GEORGE, Richard Thomas Glandon | Director | 2026-02-02 | Dec 1955 | British |
| HARVEY, Stuart Anthony James | Director | 2024-06-24 | Jun 1965 | British |
| MARSHALL, Paul Daniel | Director | 2025-10-18 | Sep 1979 | British |
| NOYES, David Michael | Director | 2018-07-06 | Sep 1962 | British |
| PERRY, Diane | Director | 2024-06-24 | Sep 1963 | English |
| PUTNAM, Michael Colin | Director | 2018-01-08 | Aug 1960 | British |
| ROSS, Fiona | Director | 2020-05-11 | Nov 1965 | Irish |
| SCRIMSHAW, Stephen | Director | 2024-06-24 | Jul 1963 | British |
| SEELEY, Rebecca Jayne | Director | 2025-07-17 | Apr 1980 | British |
| WESTLAKE, Jeremy William | Director | 2016-02-24 | Oct 1965 | British |
Show 90 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| ABSALOM, Gerard | Secretary | 1998-04-27 | 1998-06-19 |
| BROWN, Kenneth Iain | Secretary | 2000-11-10 | 2003-10-28 |
| CRAWFORD, Lindsay | Secretary | 2001-05-18 | 2003-10-28 |
| DEWICK, Nigel Richard | Secretary | 1994-03-03 | 2003-10-28 |
| HOLMAN, Jacqueline Frances | Secretary | 1994-03-03 | 1998-04-27 |
| HORNBUCKLE, Steven Colin | Secretary | 1999-09-15 | 2000-11-10 |
| KELLY, Stuart Malcolm | Secretary | 2017-05-26 | 2022-07-29 |
| KITCHENER, Geoffrey Douglas | Secretary | 1994-03-03 | 2003-10-28 |
| OSBORNE, Simon Kingsley | Secretary | 1994-02-28 | 2002-01-17 |
| WALKER, Hazel Louise | Secretary | 2003-05-21 | 2011-09-30 |
| WISE, Suzanne Elizabeth | Secretary | 2012-02-21 | 2017-05-26 |
| WORTHINGTON, Paul Frank | Secretary | 1997-11-24 | 2002-01-17 |
| ALLEN, David | Director | 1994-03-14 | 1997-03-12 |
| ARMITT, John Alexander | Director | 2001-12-14 | 2007-07-31 |
| ARMSTRONG, David John Lynn | Director | 1994-03-14 | 1997-09-01 |
| BAILEY, David | Director | 2002-10-03 | 2010-11-30 |
| BECK, Edgar Philip, Sir | Director | 1999-05-26 | 2001-06-18 |
| BRIGHOUSE, Robert William | Director | 2016-01-01 | 2024-07-31 |
| BRINDED, Malcolm Arthur | Director | 2010-10-12 | 2016-07-20 |
| BROADHURST, Norman Neill | Director | 1994-03-14 | 2000-02-29 |
| BROWN, Richard Howard | Director | 2015-07-01 | 2020-03-31 |
| BUCHAN, Ian James | Director | 2006-02-05 | 2010-03-31 |
| BULL, George Sebastian Matthew | Director | 2001-04-30 | 2002-10-03 |
| BUTCHER, Simon Patrick | Director | 2009-04-20 | 2016-02-24 |
| CARNE, Mark Milford Power | Director | 2014-01-06 | 2018-08-13 |
| CHENERY, Richard James | Director | 1998-06-03 | 1998-09-08 |
| CONSTANCE, Yvonne Jean, Councillor | Director | 2005-05-01 | 2010-07-21 |
| CORBETT, Gerald Michael Nolan | Director | 1997-09-08 | 2000-11-17 |
| CORNELL, Jim Scott | Director | 2001-12-14 | 2009-07-22 |
| COUCHER, Iain Michael | Director | 2002-10-03 | 2010-10-31 |
| COX, Jonson | Director | 2000-09-01 | 2001-07-31 |
| DEN BESTEN, Robert | Director | 2003-09-24 | 2007-06-30 |
| DEWHURST, Philip | Director | 1995-12-04 | 1997-09-01 |
| DUCKWORTH, Stephen Charles, Dr | Director | 2021-04-01 | 2026-01-16 |
| ECCLES, Graham Charles | Director | 2010-02-07 | 2013-07-18 |
| EDMONDS, John Christopher Paul | Director | 1994-02-28 | 1997-09-28 |
| ELLIS, John Russell | Director | 1994-03-14 | 1995-03-31 |
| FIRTH, Michael Graham | Director | 2004-12-04 | 2014-07-18 |
| FLOOD, Sharon Emma | Director | 2014-08-25 | 2020-08-23 |
| GIBB, Christopher Leslie | Director | 2013-11-12 | 2019-11-30 |
| GISBY, Robin William | Director | 2008-10-01 | 2015-02-27 |
| GREEN, Christopher Edward Wastie | Director | 2005-06-26 | 2010-07-21 |
| HAINES, Andrew | Director | 2018-08-14 | 2025-10-17 |
| HARDING, David Alan | Director | 2001-04-30 | 2002-02-01 |
| HARRISON, Michael James | Director | 2020-05-11 | 2024-06-30 |
| HAYNES, Lawrence John | Director | 2010-01-26 | 2014-07-18 |
| HAYTHORNTHWAITE, Richard Neil | Director | 2009-03-23 | 2012-07-19 |
| HENDERSON, Peter | Director | 2002-10-03 | 2012-07-19 |
| HENDERSON, Ronald Andrew | Director | 2002-10-03 | 2009-04-20 |
| HENDY, CBE, Peter Gerard, Sir | Director | 2015-07-16 | 2024-07-08 |
| HIGGINS, David Hartmann, Sir | Director | 2010-04-01 | 2014-02-28 |
| HILL, Robert | Director | 1994-03-14 | 1997-09-01 |
| HOPPE, Charles William | Director | 2002-10-03 | 2007-07-19 |
| HORTON, Robert Baynes, Sir | Director | 1994-02-28 | 1999-08-18 |
| HOWARTH, Gilbert George | Director | 1994-03-14 | 1997-08-21 |
| HOWELL, Michael William | Director | 1996-03-01 | 1997-03-14 |
| JAGO, Christopher Trelawney | Director | 1995-09-12 | 1997-08-21 |
| KIRBY, Simon Neil | Director | 2008-10-01 | 2014-05-18 |
| KONG, Janis Carol | Director | 2010-01-13 | 2016-09-28 |
| LEAH, Christopher Richard | Director | 1998-10-05 | 2004-12-03 |
| LEAH, Christopher Richard | Director | 1994-03-14 | 1997-08-29 |
| LUDEMAN, Keith Lawrence | Director | 2011-07-05 | 2014-07-18 |
| MAIZEY, Drusilla | Director | 2016-11-22 | 2023-11-21 |
| MARSHALL, Steven | Director | 1999-12-01 | 2001-12-14 |
| MCALLISTER, Ian Gerald, Sir | Director | 2002-10-03 | 2009-07-22 |
| MELLITT, Brian | Director | 1995-03-31 | 1999-03-31 |
| MIDDLETON, Richard John | Director | 1994-03-14 | 2002-10-03 |
| MOGFORD, John | Director | 2016-11-22 | 2017-01-31 |
| MONTAGUE, Adrian Alastair, Sir | Director | 2002-10-03 | 2004-12-04 |
| MORGAN, James Gullen | Director | 1994-03-14 | 1996-07-19 |
| MOSS, David Christopher | Director | 1994-02-28 | 2001-04-30 |
| MURRAY, Simon Anthony | Director | 1998-12-01 | 2001-06-14 |
| MUTTRAM, Roderick Ian, Professor | Director | 1994-03-14 | 2000-12-30 |
| NELSON, Aidan Edward Cambridge | Director | 1995-09-12 | 1997-09-01 |
| O'BRIEN, John James | Director | 2001-12-21 | 2002-04-19 |
| O'HIGGINS, Michael | Director | 2012-11-21 | 2018-08-31 |
| O'KEANE, Gerald Patrick | Director | 1994-03-14 | 1995-11-30 |
| OGILVIE, Nigel Stuart | Director | 1994-03-14 | 1997-08-21 |
| OSBORNE, Simon Kingsley | Director | 1998-06-03 | 1998-09-08 |
| PARRY-JONES, Richard, Professor | Director | 2012-03-28 | 2015-07-15 |
| PLUMMER, Paul Jonathan | Director | 2008-10-01 | 2015-11-01 |
| PRESCOTT, Paul Gordon, Dr | Director | 1995-09-12 | 1997-08-26 |
| RAYNER, David Edward | Director | 1994-02-28 | 1997-12-06 |
| REYNOLDS, Martin Geoffrey | Director | 1995-09-12 | 1997-09-02 |
| ROBINSON, John Harris | Director | 2001-06-04 | 2001-12-14 |
| ROSEWELL, Bridget Clare | Director | 2011-01-20 | 2020-03-31 |
| RUSSELL, Stephen George | Director | 2007-09-19 | 2012-07-19 |
| SAYERS, Ross Edward | Director | 2002-10-03 | 2005-11-25 |
| SMITH OF KELVIN, Robert Haldane, Lord | Director | 2002-10-03 | 2003-09-24 |
| STRACHAN, Peter | Director | 1995-09-12 | 1997-04-17 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Network Rail Holdco Limited | Corporate entity | Shares 75–100%, Voting 75–100%, Appoints directors | 2016-04-06 | Active |
Filing timeline
Last 20 of 407 total filings
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-08-05 | AA | accounts | Accounts with accounts type group | |
| 2026-02-05 | AP01 | officers | Appoint person director company with name date | |
| 2026-01-23 | TM01 | officers | Termination director company with name termination date | |
| 2025-10-20 | TM01 | officers | Termination director company with name termination date | |
| 2025-10-20 | AP01 | officers | Appoint person director company with name date | |
| 2025-09-19 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2025-08-06 | RP04AP01 | officers | Second filing of director appointment with name | |
| 2025-07-31 | AA | accounts | Accounts with accounts type group | |
| 2025-07-29 | AP01 | officers | Appoint person director company with name date | |
| 2024-12-19 | AP01 | officers | Appoint person director company with name date | |
| 2024-12-10 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2024-12-02 | CH01 | officers | Change person director company with change date | |
| 2024-08-12 | AA | accounts | Accounts with accounts type group | |
| 2024-07-31 | TM01 | officers | Termination director company with name termination date | |
| 2024-07-31 | TM01 | officers | Termination director company with name termination date | |
| 2024-07-01 | TM01 | officers | Termination director company with name termination date | |
| 2024-06-27 | CH01 | officers | Change person director company with change date | |
| 2024-06-27 | CH01 | officers | Change person director company with change date | |
| 2024-06-27 | CH01 | officers | Change person director company with change date | |
| 2024-06-26 | AP01 | officers | Appoint person director company with name date |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 5
- Capital events
- 0
- Officers appointed
- 2
- Officers resigned
- 2
last 12 months
last 24 months
last 12 months
last 12 months
Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.