2. INTRODUCTION 4
2.1 Definitions 5
2.2 Methodology 5
2.3 Abbreviations 5
2.4 Market Positioning 6
2.4.1 Customers 6
2.4.2 Suppliers 10
2.5 UK Economy 11
2.6 Market Factors 13

3. MARKET SIZE AND TRENDS 16
3.1 Chapter Summary 17
3.2 Market Size 17

4. SUPPLY SOURCES 28
4.1 Chapter Summary 29
4.2 Production 30
4.2.1 Overview 30
4.2.2 Segmentation 31
4.3 Imports 32
4.3.1 Overview 32
4.3.2 Segmentation 32
4.4 Exports 33
4.4.1 Overview 33
4.4.2 Segmentation 34

5. INVESTMENT PROFILES 35
5.1 Chapter Summary 37
5.2 Arriva 37
5.2.1 Arriva Trains Wales 38
5.2.2 CrossCountry 39
5.3 National Express Group 40
5.3.1 c2c 41
5.3.2 National Express East Anglia (formerly One) 42
5.3.3 National Express East Coast (formerly GNER) 42
5.4 FirstGroup 43
5.4.1 First Great Western/Thames Trains 44
5.4.2 First TransPennine Express 45
5.4.3 First ScotRail 47
5.4.4 First Capital Connect 48
5.4.5 Hull Trains 49
5.4.6 First GBRf ( formerly GB Railfreight) 49
5.5 Virgin Trains 50
5.5.1 Virgin West Coast 51
5.6 Stagecoach Group 52
5.6.1 South West Trains 53
5.6.2 Island Line 55
5.6.3 East Midlands 55
5.7 Chiltern Railways 56
5.8 Northern Rail 57
5.9 Merseyrail 58
5.10 Govia 59
5.10.1 Southern 60
5.10.1.1 Gatwick Express 61
5.10.2 Southeastern 62
5.10.3 London Midland (West Midlands) 63
5.11 Direct Rail Services 64
5.12 English, Welsh & Scottish Railway 65
5.13 Eurostar (UK) 66
5.14 Eurotunnel 66
5.15 Freightliner 67
5.16 Heathrow Express 69
5.17 London & Continental Railways 69
5.18 London Underground 69
5.19 Mendip Rail 70
5.20 Northern Ireland Railways 70
5.21 Angel Trains 71
5.22 HSBC Rail (UK) 73
5.23 Porterbrook Leasing Company 73

6. SUPPLY INDUSTRY STRUCTURE 75
6.1 Chapter Summary 76
6.2 Industry Development 76
6.3 Structure by Employment 77
6.4 Structure by Turnover 78
6.5 Company Profiles 78
6.5.1 Bombardier Transportation Holdings (UK) 79
6.5.2 AMEC 81
6.5.3 Amey 84
6.5.3.1 Amey Rail 87
6.5.4 Angel Trains 89
6.5.5 Balfour Beatty Group 91
6.5.6 Westinghouse Brake and Signal Holdings 95
6.5.7 Babcock Rail (formerly First Engineering) 97
6.5.8 Jarvis Rail 98
6.5.9 Siemens 101
6.5.10 Network Rail 102

7. FORECAST 105
7.1 Chapter Summary 106
7.2 Market Size 106
7.3 Civil Engineering 109
7.4 Rolling Stock 114

8. FURTHER SOURCES & CONTACTS 116
8.1 Trade Associations & Regulatory Bodies 117
8.2 Trade Magazines 118
8.3 Trade Exhibitions 120

LIST OF TABLES

1: Status of TOC Franchises, as of November 2010 6
2: Rail Industry Indicators for Great Britain, 2004/05- 2009/10 18
3: Investment in the Railway Engineering Industry in Great Britain, 2005/06-2009/10 18
4: Investment in Infrastructure Renewals by Network Rail, by Type, 2004/05-2007/08 19
5: Passenger Journeys on the Rail Network in Great Britain, 2005/06-2009/10 21
6: Passenger Train Punctuality and Reliability in Great Britain, 2005/06-2009/10 22
7: Passenger Train Punctuality and Reliability, by TOC, 2008/09 22
8: Government Support to the Rail Industry in Great Britain, 2004/05-2008/09 23
9: Rail Infrastructure in Great Britain, 2005/06-2009/10 24
10: Average Age of Rolling Stock, Q1 2005/06 - Q2 2009/10 26
11: Investment in Railway Rolling Stock in Great Britain, 2005/06-2009/10 26
12: Seasonality of Civil Engineering Output in the Railways Sector, 2005-2009 27
13: UK Production of Locomotives, Rolling Stock and Other Equipment, 2006-2010 31
14: Segmentation of the UK Production of Locomotives, Rolling Stock and Other
Equipment, by Type, 2006-2010 31
15: UK Imports of Locomotives, Rolling Stock and Other Equipment, 2006-2010 32
16: Segmentation of UK Imports of Locomotives, Rolling Stock and Other Equipment, by
Type, 2006-2010 33
17: UK Exports of Locomotives, Rolling Stock and Other Equipment, 2006-2010 33
18: Segmentation of UK Exports of Locomotives, Rolling Stock and Other Equipment, by
Type, 2006-2010 34
19: Key Statistics for Arriva Trains Wales, 2010 39
20: Key Statistics for CrossCountry Trains, 2010 40
21: Key Statistics for c2c, 2010 41
22: Key Statistics for First Great Western, 2010 45
23: Key Statistics for First TransPennine Express, 2010 46
24: Key Statistics for First ScotRail, 2010 48
25: Key Statistics for First Capital Connect, 2010 48
26: Key Statistics for Virgin West Coast, 2010 52
27: Key Statistics for South West Trains, 2010 54
28: Key Statistics for East Midlands Trains, 2010 56
29: Key Statistics for Chiltern Railways, 2010 57
30: Key Statistics for Northern Rail, 2010 58
31: Key Statistics for Merseyrail, 2010 59
32: Key Statistics for Southern, 2010 61
33: Key Statistics for Southeastern, 2010 63
34: Key Statistics for London Midland, 2010 64
35: Analysis of the Changes in the Structure of the Railway & Tramway Rolling Stock Manufacturing Industry, 2006-2010 77
36: Analysis of the Employment Structure of the Railway & Tramway Rolling Stock Manufacturing Industry, 2009-2010 77
37: Analysis of the Financial Structure of the Railway & Tramway Rolling Stock
Manufacturing Industry, 2009 78
38: Financial Analysis of Bombardier Transportation (Holdings) UK, 2005-2009 80
39: Key Financial Ratios for Bombardier Transportation (Holdings) UK, 2005-2009 81
40: Financial Analysis of AMEC, 2005-2009 84
41: Key Financial Ratios for AMEC, 2005-2009 84
42: Financial Analysis of Amey UK, 2005-2009 86
43: Turnover Analysis of Amey UK, by Division, 2009 87
44: Key Financial Ratios for Amey UK, 2005-2009 87
45: Financial Analysis of Amey Rail, 2005-2009 88
46: Key Financial Ratios for Amey Rail, 2005-2009 88
47: Financial Analysis of Angel Trains, 2005-2009 90
48: Key Financial Ratios for Angel Trains, 2005-2009 91
49: Financial Analysis of Balfour Beatty, 2005-2009 94
50: Financial Analysis of Balfour Beatty by Segment, 2009 95
51: Key Financial Ratios for Balfour Beatty, 2005-2009 95
52: Financial Analysis of Westinghouse Brake and Signal Holdings, 2005-2009 96
53: Key Financial Ratios for Westinghouse Brake and Signal Holdings, 2005-2009 97
54: Financial Analysis of Babcock Rail, 2006-2010 98
55: Key Financial Ratios for Babcock Rail 2006-2010 98
56: Financial Analysis of Jarvis Rail, 2005-2009 100
57: Key Financial Ratios for Jarvis Rail, 2005-2009 100
58: Financial Analysis of Siemens, 2005-2009 101
59: Key Financial Ratios for Siemens, 2005-2009 102
60: Financial Analysis of Network Rail, 2006-2010 104
61: Key Financial Ratios for Network Rail, 2006-2010 104
62: Forecast Total Investment in the Rail Engineering Sector in Great Britain,
2010/11-2014/15 108
63: Total Renewals and Maintenance Expenditure in CP4, Network Rail Strategic
Business Update and ORR Assessment 110
64: ORR Annual Assumptions for CP4 Maintenance, Renewals and Enhancements Expenditure, 2009/10-2013/14 111
65: Selection of Network Rail Enhancement Projects in CP4s, 2008/09-2013/14 111
66: Forecast Investment in Railway Rolling Stock in Great Britain, 2010/11-2014/15 115