10th February 2012In this issue:
Industry developments this week
Network Rail’s controversial pay scheme and associated bonus payments were due to be voted upon at a meeting of its members today.
- Chief Executive David Higgins and his directors later waived their right to a bonus. Daily Telegraph
- Justine Greening was accused of hypocrisy after vowing to vote against the scheme as Labour MPs and industry insiders insisted she would have been consulted on the plans. Financial Times
- The chair of the committee which rules on Network Rail’s pay and bonuses is facing calls to stand down. BBC News
- Adjourning today’s meeting, Chairman Rick Haythornthwaite said the “dilemma” of how to attract talent while aligning with taxpayer demands remains unresolved. Railway Eye
MTR, the Hong Kong state railway company that jointly runs London Overground, told The Times it wants to run the Thameslink commuter network in an alliance with Network Rail.
In an interview the Financial Times, Network Rail chief executive David Higgins saidBritain’s railways took a track renewal holiday “for a couple of decades”.
- David Higgins will appear and give evidence before the Transport Committee on 13 March.
The Greater Anglia franchise has taken over from National Express. BBC News
- An internal briefing advised staff to “prepare for passenger anger” over shortened trains. Railway Eye
Boris Johnson has called for London’s rail network to be handed to London Overground so he could improve the “totally inefficient” service. BBC News
Other stories in the press
London Underground engineers will be able to travel to problems in emergency “blue light” vehicles in a bid to cut delays on the tube. Evening Standard
Following Arriva’s purchase of Grand Central, managing director Tom Clift is to be replaced by Richard McClean. Railway Eye
A Virgin Trains driver has been sent to drive a freight train down from the perilous heights of the Peruvian Andes to sea level. BBC News
Strathclyde Partnership for Transport (SPT) has expressed concern about the prospect of stations being shut in the west of Scotland in 2014. The Herald
The new western concourse at London King’s Cross is expected to open on 19 March. Railnews
Derbytrainmaker Bombardier has announced it has secured enough work to guarantee its short-term future in the city. BBC News
London Underground is recruiting 300 Tube station staff in a move union bosses claim has been caused by a 2010 policy of cutting 800 jobs. BBC News
A flaw in ATOC’s ticketing system meant it was possible last month to travel between two suburban London stations via Scotland for the price of a suburban ticket. Private Eye
Private Eye also highlights First Capital Connect’s peak time ticket machine practices.
Holding group sharecheck
Groupe Eurotunnel has said its revenue increased by 16% to €844.8 million in 2011. Eurostar services grew by 2%. Rail.co
FirstGroup announced that an interim dividend per share which was paid out on 1 February to shareholders on the register of members at the close of business on 6 January, accounting for the sharp drop after that date.
Shares in the Go-Ahead Group rose by almost 5 per cent in late December after itraised full-year operating profit forecasts on the back of strong passenger growth at its rail franchises.
Shares in Stagecoach rallied in early December after the group declared an interim dividend.