NETWORK RAIL LIMITED
Operating as an arm's length public body of the Department for Transport, the company owns, maintains and develops the vast majority of the railway infrastructure across Great Britain.
Get an alert when NETWORK RAIL LIMITED files next
Leroy will email you the moment a new filing lands at Companies House — one short note per filing, nothing else.
Cash
£763m
+28.2% highest in 3 filed years
Net assets
£23bn
+9.3% highest in 3 filed years
Employees
—
Average over period
Profit before tax
—
Period ending 2026-03-31
Net assets
3-year trend · vs 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 |
|---|---|---|---|---|---|
| Total income | £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 | £763,000,000 | +28.2% | |
| Total assets less current liabilities | £84,809,000,000 | £82,153,000,000 | — | — | |
| Net assets | £19,182,000,000 | £20,996,000,000 | £22,947,000,000 | +9.3% | |
| Equity | £19,182,000,000 | £20,996,000,000 | £22,947,000,000 | +9.3% | |
| 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. 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% | — | |
| Net margin | 9.9% | 4.5% | — | |
| Return on capital employed | 4.8% | 3.9% | — | |
| Gearing (liabilities / total assets) | 78.7% | 77.4% | 76.4% | |
| Current ratio | 0.32x | — | — | |
| 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
- Standalone (parent only)
- Auditor
- Comptroller and Auditor General
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“Based on the work I have performed, I have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on Network Rail Limited and its Group’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.”
Group structure
- NETWORK RAIL LIMITED · parent
- Network Rail Infrastructure Limited 100%
- Great British Railways Limited 100%
- Network Rail HOLDCO Limited 100%
- Railway Safety & Standards 100%
- Great British Railways Transition Team Great Britain Limited 100%
- Network Rail (High Speed) Limited 100%
- Network Rail Development Limited 100%
- Network Rail Pension Trustee Limited 100%
- Network Rail Consulting Limited 100%
- Network Rail Certification Body Limited 100%
- Network Rail (VV1) Limited 100%
- Network Rail (Stations) Limited 100%
- Network Rail International Limited 100%
- NR Corporate Secretary Limited 100%
- Network Rail Property Limited 100%
- Victoria Centre Shopping Centre Ltd (2002) Ltd 100%
- Railway Property Ltd 100%
- Great British Railways Consulting Limited 100%
- Platform4 Rail Regeneration Limited 100%
Significant events
- “On 19 June 2026, a collision occurred between two passenger trains near 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 · 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 235 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 | |
| 2025-10-01 | 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 |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 6
- 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.