NETWORK RAIL LIMITED
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Next accounts due
2026-12-31 (in 7mo)
Last filed for 2025-03-31
Confirmation statement due
2026-09-24 (in 4mo)
Last made up 2025-09-10
Watchouts
None on the register
Cash
£595M
+39% vs 2024
Net assets
£21B
+9.5% vs 2024
Employees
41,331
+0.9% vs 2024
Profit before tax
£725M
-51.8% vs 2024
Net assets
2-year trend · vs Industrials median
Accounts
2-year trend · latest reflected 2025-03-31
| Metric | Trend | 2024-03-31 | 2025-03-31 |
|---|---|---|---|
| Turnover | £11,580,000,000 | £11,345,000,000 | |
| Operating profit | £4,056,000,000 | £3,242,000,000 | |
| Profit before tax | £1,503,000,000 | £725,000,000 | |
| Net profit | £1,141,000,000 | £515,000,000 | |
| Cash | £428,000,000 | £595,000,000 | |
| Total assets less current liabilities | £84,809,000,000 | £82,153,000,000 | |
| Net assets | £19,182,000,000 | £20,996,000,000 | |
| Equity | £19,182,000,000 | £20,996,000,000 | |
| Average employees | 40,966 | 41,331 | |
| Wages | £2,435,000,000 | £2,567,000,000 | |
| Directors' remuneration | — | — |
Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers
Year-on-year
FY2024 → FY2025 · period ending 2025-03-31 vs 2024-03-31
-
Turnover
-2%
£11,580,000,000 £11,345,000,000
-
Cash
+39%
£428,000,000 £595,000,000
-
Net assets
+9.5%
£19,182,000,000 £20,996,000,000
-
Employees
+0.9%
40,966 41,331
-
Operating profit
-20.1%
£4,056,000,000 £3,242,000,000
-
Profit before tax
-51.8%
£1,503,000,000 £725,000,000
-
Wages
+5.4%
£2,435,000,000 £2,567,000,000
Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2024-03-31 | 2025-03-31 |
|---|---|---|---|
| Operating margin | 35.0% | 28.6% | |
| Net margin | 9.9% | 4.5% | |
| Return on capital employed | 4.8% | 3.9% | |
| Gearing (liabilities / total assets) | 78.7% | 77.4% | |
| Current ratio | 0.32x | 0.24x | |
| Interest cover | 1.55x | 1.29x |
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.
Audit & accounting basis
- Accounting basis
- IFRS
- Reporting scope
- Consolidated group
- Auditor
- Alexander Macnab
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“The directors consider that the Group has considerable financial resources, together with long-term contracts, with a number of customers and suppliers. The Board considers the forecasts for the Group and has reviewed scenarios for future funding requirements, with a focus on liquidity risk and associated risks over a long-term period.”
Group structure
- NETWORK RAIL LIMITED · parent
- Network Rail Infrastructure Limited 100%
- Great British Railways Limited 100%
- Network Rail Insurance Limited 100%
- Network Rail Holdco Limited 100%
- Network Rail (High Speed) Limited 100%
- Network Rail Development Limited 100%
- Network Rail One Limited 100%
- Network Rail Pension Trustee Limited 100%
- Network Rail International 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 Consulting Limited 100%
- Network Rail Property Limited 100%
- Network Rail Property (Spacia) Limited 100%
- Victoria Place Shopping Centre Ltd 100%
- Spacia (2002) Ltd 100%
- Railway Property Ltd 100%
- Kew Bridge Wanco Limited 100%
- Railway Safety & Standards
- Railway Safety
Significant events
- “Since the year-end Network Rail has acquired London & Continental Railways Limited from the Secretary of State for Transport.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
14 active · 47 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 47 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| KELLY, Stuart Malcolm | Secretary | 2017-05-26 | 2022-07-29 |
| WALKER, Hazel Louise | Secretary | 2002-07-22 | 2011-09-30 |
| WISE, Suzanne Elizabeth | Secretary | 2012-02-21 | 2017-05-26 |
| HACKWOOD SECRETARIES LIMITED | Corporate Nominee Secretary | 2002-03-22 | 2002-07-22 |
| ARMITT, John Alexander | Director | 2002-10-03 | 2007-07-31 |
| BAILEY, David | Director | 2002-08-15 | 2010-11-30 |
| BRIGHOUSE, Robert William | Director | 2016-01-01 | 2024-07-31 |
| BRINDED, Malcolm Arthur | Director | 2010-10-12 | 2016-07-20 |
| BROWN, Richard Howard | Director | 2015-07-01 | 2020-03-31 |
| BUCHAN, Ian James | Director | 2006-02-05 | 2010-03-31 |
| BUTCHER, Simon Patrick | Director | 2009-04-20 | 2016-02-24 |
| CARNE, Mark Milford Power | Director | 2014-01-06 | 2018-08-13 |
| CONSTANCE, Yvonne Jean, Councillor | Director | 2005-05-01 | 2010-07-21 |
| CORNELL, Jim Scott | Director | 2002-10-03 | 2009-07-22 |
| COUCHER, Iain Michael | Director | 2002-03-22 | 2010-10-31 |
| DEN BESTEN, Robert | Director | 2003-09-24 | 2007-06-30 |
| DUCKWORTH, Stephen Charles, Dr | Director | 2021-04-01 | 2026-01-16 |
| ECCLES, Graham Charles | Director | 2010-02-07 | 2013-07-18 |
| 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 |
| 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 | 2002-10-01 | 2012-07-19 |
| HENDERSON, Ronald Andrew | Director | 2002-08-12 | 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 |
| HOPPE, Charles William | Director | 2002-08-01 | 2007-07-31 |
| KIRBY, Simon Neil | Director | 2008-10-01 | 2014-05-18 |
| KONG, Janis Carol | Director | 2010-01-13 | 2016-09-28 |
| LEAH, Christopher Richard | Director | 2002-10-03 | 2004-12-03 |
| LUDEMAN, Keith Lawrence | Director | 2011-07-05 | 2014-07-18 |
| MAIZEY, Drusilla | Director | 2016-11-22 | 2023-11-21 |
| MCALLISTER, Ian Gerald, Sir | Director | 2002-03-22 | 2009-07-22 |
| MOGFORD, John | Director | 2016-11-22 | 2017-01-31 |
| MONTAGUE, Adrian Alastair, Sir | Director | 2002-03-22 | 2004-12-04 |
| O'HIGGINS, Michael | Director | 2012-11-21 | 2018-08-31 |
| PARRY-JONES, Richard, Professor | Director | 2012-03-28 | 2015-07-15 |
| PLUMMER, Paul Jonathan | Director | 2008-10-01 | 2015-11-01 |
| ROSEWELL, Bridget Clare | Director | 2011-01-20 | 2020-03-31 |
| RUSSELL, Stephen George | Director | 2007-09-19 | 2012-07-19 |
| SAYERS, Ross Edward | Director | 2002-08-01 | 2005-11-25 |
| SMITH OF KELVIN, Robert Haldane, Lord | Director | 2002-08-01 | 2003-09-24 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Secretary Of State For Transport | Legal person | Voting 75–100%, Appoints directors | 2016-04-06 | Active |
Filing timeline
Last 20 of 234 total filings
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 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 | |
| 2025-10-01 | 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 | |
| 2024-12-18 | 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 | |
| 2024-08-14 | 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 | |
| 2024-06-25 | AP01 | officers | Appoint person director company with name date |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 8
- Capital events
- 0
- Officers appointed
- 3
- 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.