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 11
2.5 UK Economy 12
2.6 Market Factors 15

3. MARKET SIZE AND TRENDS 17
3.1 Chapter Summary 18
3.2 Market Size 18

4. SUPPLY SOURCES 30
4.1 Chapter Summary 31
4.2 Production 31
4.2.1 Overview 32
4.2.2 Segmentation 33
4.3 Imports 34
4.3.1 Overview 34
4.3.2 Segmentation 34
4.4 Exports 35
4.4.1 Overview 35
4.4.2 Segmentation 36

5. INVESTMENT PROFILES 38
5.1 Chapter Summary 40
5.2 Arriva 40
5.2.1 Arriva Trains Wales 41
5.3 National Express Group 42
5.3.1 c2c 43
5.3.2 Central Trains (Now Part of East Midlands, West Midlands and Cross Country) 44
5.3.3 Gatwick Express 45
5.3.4 Midland Mainline (Now Part of East Midlands) 46
5.3.5 Silverlink Trains (Now Part of West Midlands and East Midlands) 48
5.3.6 National Express East Anglia (formerly One) 49
5.4 FirstGroup 50
5.4.1 First Great Western/Thames Trains 51
5.4.2 First TransPennine Express 53
5.4.3 First ScotRail 55
5.4.4 Hull Trains 56
5.4.5 First GBRf ( formerly GB Railfreight) 57
5.5 Virgin Trains 58
5.5.1 Virgin CrossCountry (Now part of Cross Country) 59
5.5.2 Virgin West Coast 60
5.6 National Express East Coast (formerly GNER) 61
5.7 Stagecoach Group 63
5.7.1 South West Trains 64
5.7.2 Island Line 65
5.8 Chiltern Railways 66
5.9 Northern Rail 68
5.10 Merseyrail 69
5.11 Govia 70
5.11.1 Southern 71
5.11.2 Southeastern 73
5.12 Direct Rail Services 74
5.13 English, Welsh & Scottish Railway 75
5.14 Eurostar (UK) 76
5.15 Eurotunnel 76
5.16 Freightliner 77
5.17 Heathrow Express 79
5.18 London & Continental Railways 79
5.19 London Underground 80
5.20 Mendip Rail 81
5.21 Northern Ireland Railways 81
5.22 Angel Trains 82
5.23 HSBC Rail (UK) 83
5.24 Porterbrook Leasing Company 84

6. SUPPLY INDUSTRY STRUCTURE 85
6.1 Chapter Summary 86
6.2 Industry Development 86
6.3 Structure by Employment 87
6.4 Structure by Turnover 88
6.5 Company Profiles 88
6.5.1 Bombardier Transportation Holdings (UK) 89
6.5.2 AMEC 91
6.5.3 Amey 94
6.5.3.1 Amey Rail 97
6.5.4 Angel Trains 99
6.5.5 Balfour Beatty Group 101
6.5.6 Westinghouse Brake and Signal Holdings 105
6.5.7 Babcock Rail (formerly First Engineering) 107
6.5.8 Jarvis Rail 108
6.5.9 Siemens 111
6.5.10 Network Rail 113

7. FORECAST 117
7.1 Chapter Summary 118
7.2 Market Size 118
7.3 Civil Engineering 121
7.4 Rolling Stock 126

8. FURTHER SOURCES & CONTACTS 128
8.1 Trade Associations & Regulatory Bodies 129
8.2 Trade Magazines 130
8.3 Trade Exhibitions 133

LIST OF TABLES

1: Status of TOC Franchises, as of October 2007 7
2: Rail Industry Indicators for Great Britain, 2003/04- 2007/08 19
3: Investment in the Railway Engineering Industry in Great Britain, 2003/04-2007/08 19
4: Investment in Infrastructure Renewals by Network Rail, by Type, 2004/05-2007/08 20
5: Passenger Journeys on the Rail Network in Great Britain, 2003/04-2007/08 22
6: Passenger Train Punctuality and Reliability in Great Britain, 2003/04-2007/08 23
7: Passenger Train Punctuality and Reliability, by TOC, October-December 2006 24
8: Government Support to the Rail Industry in Great Britain, 2002/03-2006/07 25
9: Rail Infrastructure in Great Britain, 2002/03-2006/07 26
10: Average Age of Rolling Stock, Q1 2002/03 - Q3 2007/08 28
11: Investment in Railway Rolling Stock in Great Britain, 2002/03-2006/07 29
12: Seasonality of Civil Engineering Output in the Railways Sector, 2003-2007 29
13: UK Production of Locomotives, Rolling Stock and Other Equipment, 2003-2007 32
14: Segmentation of the UK Production of Locomotives, Rolling Stock and Other
Equipment, by Type, 2003-2007 33
15: UK Imports of Locomotives, Rolling Stock and Other Equipment, 2004-2008 34
16: Segmentation of UK Imports of Locomotives, Rolling Stock and Other Equipment, by
Type, 2004-2008 35
17: UK Exports of Locomotives, Rolling Stock and Other Equipment, 2004-2008 36
18: Segmentation of UK Exports of Locomotives, Rolling Stock and Other Equipment, by
Type, 2004-2008 37
19: Key Statistics for Arriva Trains Wales, 2007 42
20: Key Statistics for c2c, 2007 44
21: Key Statistics for Central Trains, 2007 45
22: Key Statistics for Gatwick Express, 2007 46
23: Key Statistics for Midland Mainline, 2007 47
24: Key Statistics for Silverlink, 2007 48
25: Key Statistics for One, 2007 50
26: Key Statistics for First Great Western, 2007 53
27: Key Statistics for First TransPennine Express, 2007 54
28: Key Statistics for First ScotRail, 2007 56
29: Key Statistics for Virgin CrossCountry, 2007 60
30: Key Statistics for Virgin West Coast, 2007 61
31: Key Statistics for GNER, 2007 63
32: Key Statistics for South West Trains, 2007 65
33: Key Statistics for Island Line, 2007 66
34: Key Statistics for Chiltern Railways, 2007 68
35: Key Statistics for Northern Rail, 2007 69
36: Key Statistics for Merseyrail, 2007 70
37: Key Statistics for Southern, 2007 72
38: Key Statistics for Southeastern, 2007 74
39: Analysis of the Changes in the Structure of the Railway & Tramway Rolling Stock Manufacturing Industry, 2006-2007 87
40: Analysis of the Employment Structure of the Railway & Tramway Rolling Stock Manufacturing Industry, 2006 87
41: Analysis of the Financial Structure of the Railway & Tramway Rolling Stock
Manufacturing Industry, 2006 and 2007 88
42: Financial Analysis of Bombardier Transportation (Holdings) UK, 2003-2007 90
43: Key Financial Ratios for Bombardier Transportation (Holdings) UK, 2003-2007 90
44: Financial Analysis of AMEC, 2003-2007 93
45: Key Financial Ratios for AMEC, 2003-2007 93
46: Financial Analysis of Amey, 2000-2004 95
47: Key Financial Ratios for Amey, 2000-2004 96
48: Financial Analysis of Amey UK, 2004-2007 96
49: Turnover Analysis of Amey UK, by Segment, 2007 97
50: Key Financial Ratios for Amey UK, 2004-2007 97
51: Financial Analysis of Amey Rail, 2003-2007 98
52: Key Financial Ratios for Amey Rail, 2003-2007 99
53: Financial Analysis of Angel Trains, 2003-2007 100
54: Key Financial Ratios for Angel Trains, 2003-2007 101
55: Financial Analysis of Balfour Beatty, 2003-2007 104
56: Financial Analysis of Balfour Beatty by Segment, 2007 104
57: Key Financial Ratios for Balfour Beatty, 2003-2007 105
58: Financial Analysis of Westinghouse Brake and Signal Holdings, 2003-2007 106
59: Key Financial Ratios for Westinghouse Brake and Signal Holdings, 2003-2007 106
60: Financial Analysis of Babcock Rail, 2003-2008 108
61: Key Financial Ratios for Babcock Rail 2003-2008 108
62: Financial Analysis of Jarvis Rail, 2003-2007 110
63: Key Financial Ratios for Jarvis Rail, 2003-2007 110
64: Financial Analysis of Siemens, 2003-2007 112
65: Turnover Analysis of Siemens, by Business Segment, 2006 and 2007 112
66: Key Financial Ratios for Siemens, 2003-2007 113
67: Financial Analysis of Network Rail, 2004-2008 115
68: Key Financial Ratios for Network Rail, 2004-2008 116
69: Forecast Total Investment in the Rail Engineering Sector in Great Britain,
2008/09-2012/13 120
70: Forecast Investment in Infrastructure Renewals by Network Rail, by
Type, 2008/09-2013/14 122
71: Total Renewals and Maintenance Expenditure in CP4, Network Rail Strategic
Business Update and ORR Assessment 123
72: Forecast Investment in Infrastructure Maintenance by Network Rail, 2008/09-2013/14 123
73: Selection of Network Rail Enhancement Projects in CP4s, 2008/08-2013/14 124
74: Forecast Investment in Railway Rolling Stock in Great Britain, 2008-2012 127