Highlands and Islands Enterprise (HIE) Acting Chief Executive Sandy Brady said: “Highlands and Islands Enterprise recognises the committee's criticism of earlier decisions surrounding the development of the funicular railway. While the agency adhered to Scottish Executive guidelines at the time, we accept that good practice in project appraisal and management has improved significantly since the early 1990s.

“As observed by Audit Scotland's report, the design and build of a funicular railway at high altitude in an environmentally sensitive area was a unique and complex project which had never been attempted before in Scotland.

"The committee's report also notes that in moving to protect public investment in the facility by acquiring the operating company last year, HIE was able to negotiate a significant reduction in the company's debt burden to the bank.

"Cairngorm has to date this season attracted 84,000 skiers and is on course for the most successful year since the funicular opened. The most recent calculation by VisitScotland shows the most common spend per head for skiing visitors to be £100 a day.

"HIE is committed to its responsibility to maintain the safe infrastructure of the facility and to put in place a financially sustainable business model which enables the resort to continue increasing its contribution to the local, regional and national economy."