In two years the ELR grew from a company authorised to build of railway into one with the authority to build of railway. In February 1848 with of track open, the company reported for the week ending 5 February 1848 an annual income of £553 18s 8d (£ in ) for passengers and parcels, and £498 10s 4d for freight (£ in ) – almost double the previous year's income. By March 1848 the line between Rawtenstall and Newchurch was complete, followed in June by the Blackburn to Accrington connection (), and, in August, the Stubbins junction to Accrington section. The line was extended east to Burnley () by September 1848, and, in February 1849, from Burnley to Colne, where it made an end-on junction with the Leeds and Bradford Extension Railway, providing the ELR with a connection to Bradford and Leeds.