Railtrack today reported pre-tax profits for the year to March 31 of £428 million, up from £406 million last year.

The jump in profits is set to outrage critics of the group who argue the company should be spending more to help improve rail services.

And York MP Hugh Bayley called today for more investment from the company towards getting more freight onto the railways.

Last week, the Evening Press revealed that York freight wagon manufacturer Thrall Europa could suffer unless more space was given to freight on the overcrowded railways.

Thrall's key customer, English Welsh and Scottish Railway (EWS), claimed that Railtrack was not investing enough on track infrastructure to cope with a massive increase in rail freight.

Today its planning director Graham Smith said he would be studying the details of the profit announcement before commenting further.

But Mr Bayley said: "Railtrack should be investing more in improving the railways because their profits have come from passengers and passengers want a better service.

"In terms of the East Coast Line I want Railtrack to ease the pinch points on the line where it is reduced to two tracks, so that we can get more trains and a better service and get more freight off the roads and on to the railways."

Stewart Francis, deputy chairman of the Central Rail Users' Consultative Committee claimed that lack of investment by Railtrack was a major contributory factor to train delays and was holding back train operators' plans to introduce much-needed new services.

"Railtrack is paying handsome dividends to its shareholders. When will passengers get their dividends?" he said.

The figures represent around £1.2 million profit each day for the company. Railtrack today countered criticism by highlighting its £1.45 billion investment in the rail network over the last year.

They say the investment figure was 15% higher than last year and twice the amount spent in the year before the rail system was privatised.

Norman Broadhurst, financial director, said: "In order for Railtrack to continue to invest at this high level in the network it needs to generate these profits."

The company also argued that its performance had improved. Delays to trains attributed to Railtrack fell by 6% while the passenger traffic carried by the network increased 8% over the year and freight traffic by 18%.

The rate of growth in rail use had not been expected when the industry was privatised, claimed Railtrack.

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