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 14

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

4. SUPPLY SOURCES 29
4.1 Chapter Summary 30
4.2 Production 30
4.2.1 Overview 30
4.2.2 Segmentation 32
4.3 Imports 33
4.3.1 Overview 33
4.3.2 Segmentation 33
4.4 Exports 34
4.4.1 Overview 34
4.4.2 Segmentation 35

5. INVESTMENT PROFILES 36
5.1 Chapter Summary 38
5.2 Arriva 38
5.2.1 Arriva Trains Wales 39
5.2.2 CrossCountry 40
5.3 National Express Group 41
5.3.1 c2c 42
5.3.2 National Express East Anglia (formerly One) 43
5.3.3 National Express East Coast (formerly GNER) 44
5.4 FirstGroup 46
5.4.1 First Great Western/Thames Trains 46
5.4.2 First TransPennine Express 48
5.4.3 First ScotRail 49
5.4.4 First Capital Connect 50
5.4.5 Hull Trains 51
5.4.6 First GBRf ( formerly GB Railfreight) 52
5.5 Virgin Trains 53
5.5.1 Virgin West Coast 53
5.6 Stagecoach Group 54
5.6.1 South West Trains 55
5.6.2 Island Line 57
5.6.3 East Midlands 57
5.7 Chiltern Railways 58
5.8 Northern Rail 59
5.9 Merseyrail 61
5.10 Govia 62
5.10.1 Southern 63
5.10.1.1 Gatwick Express 64
5.10.2 Southeastern 65
5.10.3 London Midland (West Midlands) 66
5.11 Direct Rail Services 67
5.12 English, Welsh & Scottish Railway 68
5.13 Eurostar (UK) 69
5.14 Eurotunnel 70
5.15 Freightliner 70
5.16 Heathrow Express 72
5.17 London & Continental Railways 72
5.18 London Underground 73
5.19 Mendip Rail 73
5.20 Northern Ireland Railways 74
5.21 Angel Trains 74
5.22 HSBC Rail (UK) 76
5.23 Porterbrook Leasing Company 77

6. SUPPLY INDUSTRY STRUCTURE 78
6.1 Chapter Summary 79
6.2 Industry Development 79
6.3 Structure by Employment 80
6.4 Structure by Turnover 81
6.5 Company Profiles 83
6.5.1 Bombardier Transportation Holdings (UK) 83
6.5.2 AMEC 85
6.5.3 Amey 88
6.5.3.1 Amey Rail 91
6.5.4 Angel Trains 93
6.5.5 Balfour Beatty Group 95
6.5.6 Westinghouse Brake and Signal Holdings 99
6.5.7 Babcock Rail (formerly First Engineering) 101
6.5.8 Jarvis Rail 102
6.5.9 Siemens 105
6.5.10 Network Rail 107

7. FORECAST 110
7.1 Chapter Summary 111
7.2 Market Size 111
7.3 Civil Engineering 114
7.4 Rolling Stock 118

8. FURTHER SOURCES & CONTACTS 122
8.1 Trade Associations & Regulatory Bodies 123
8.2 Trade Magazines 124
8.3 Trade Exhibitions 126

LIST OF TABLES

1: Status of TOC Franchises, as of March 2009 6
2: Rail Industry Indicators for Great Britain, 2003/04- 2008/00 18
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 19
5: Passenger Journeys on the Rail Network in Great Britain, 2004/05-2008/09 21
6: Passenger Train Punctuality and Reliability in Great Britain, 2003/04-2007/08 22
7: Passenger Train Punctuality and Reliability, by TOC, July-September 2007 23
8: Government Support to the Rail Industry in Great Britain, 2003/04-2007/08 24
9: Rail Infrastructure in Great Britain, 2003/04-2007/08 25
10: Average Age of Rolling Stock, Q1 2003/04 - Q2 2008/09 27
11: Investment in Railway Rolling Stock in Great Britain, 2003/04-2007/08 28
12: Seasonality of Civil Engineering Output in the Railways Sector, 2005-2009 28
13: UK Production of Locomotives, Rolling Stock and Other Equipment, 2005-2009 31
14: Segmentation of the UK Production of Locomotives, Rolling Stock and Other
Equipment, by Type, 2005-2009 32
15: UK Imports of Locomotives, Rolling Stock and Other Equipment, 2005-2009 33
16: Segmentation of UK Imports of Locomotives, Rolling Stock and Other Equipment, by
Type, 2005-2009 34
17: UK Exports of Locomotives, Rolling Stock and Other Equipment, 2005-2009 34
18: Segmentation of UK Exports of Locomotives, Rolling Stock and Other Equipment, by
Type, 2005-2009 35
19: Key Statistics for Arriva Trains Wales, 2008 40
20: Key Statistics for CrossCountry Trains, 2008 41
21: Key Statistics for c2c, 2008 42
22: Key Statistics for National Express East Anglia, 2008 44
23: Key Statistics for National Express East Coast, 2007/2008 45
24: Key Statistics for First Great Western, 2008 48
25: Key Statistics for First TransPennine Express, 2008 49
26: Key Statistics for First ScotRail, 2008 50
27: Key Statistics for First Capital Connect, 2008 51
28: Key Statistics for Virgin West Coast, 2008 54
29: Key Statistics for South West Trains, 2008 57
30: Key Statistics for East Midlands Trains, 2008 58
31: Key Statistics for Chiltern Railways, 2008 59
32: Key Statistics for Northern Rail, 2008 60
33: Key Statistics for Merseyrail, 2008 61
34: Key Statistics for Southern, 2008 63
35: Key Statistics for Gatwick Express, 2008 65
36: Key Statistics for Southeastern, 2008 66
37: Key Statistics for London Midland, 2008 67
38: Analysis of the Changes in the Structure of the Railway & Tramway Rolling Stock Manufacturing Industry, 2005-2009 80
39: Analysis of the Employment Structure of the Railway & Tramway Rolling Stock Manufacturing Industry, 2007 and 2008 81
40: Analysis of the Employment Structure of the Railway & Tramway Rolling Stock Manufacturing Industry, 2009 81
41: Analysis of the Financial Structure of the Railway & Tramway Rolling Stock
Manufacturing Industry, 2007 and 2008 82
42: Analysis of the Financial Structure of the Railway & Tramway Rolling Stock
Manufacturing Industry, 2009 82
43: Financial Analysis of Bombardier Transportation (Holdings) UK, 2004-2008 84
44: Key Financial Ratios for Bombardier Transportation (Holdings) UK, 2004-2008 85
45: Financial Analysis of AMEC, 2004-2008 88
46: Key Financial Ratios for AMEC, 2004-2008 88
47: Financial Analysis of Amey UK, 2004-2008 90
48: Turnover Analysis of Amey UK, by Division, 2008 91
49: Key Financial Ratios for Amey UK, 2004-2008 91
50: Financial Analysis of Amey Rail, 2004-2008 92
51: Key Financial Ratios for Amey Rail, 2004-2008 93
52: Financial Analysis of Angel Trains, 2004-2008 94
53: Key Financial Ratios for Angel Trains, 2004-2008 95
54: Financial Analysis of Balfour Beatty, 2004-2008 98
55: Financial Analysis of Balfour Beatty by Segment, 2008 98
56: Key Financial Ratios for Balfour Beatty, 2004-2008 99
57: Financial Analysis of Westinghouse Brake and Signal Holdings, 2005-2009 100
58: Key Financial Ratios for Westinghouse Brake and Signal Holdings, 2005-2009 100
59: Financial Analysis of Babcock Rail, 2005-2009 102
60: Key Financial Ratios for Babcock Rail 2005-2009 102
61: Financial Analysis of Jarvis Rail, 2005-2009 104
62: Key Financial Ratios for Jarvis Rail, 2005-2009 104
63: Financial Analysis of Siemens, 2004-2008 105
64: Turnover Analysis of Siemens, by Business Segment, 2006 and 2007 106
65: Key Financial Ratios for Siemens, 2004-2008 106
66: Financial Analysis of Network Rail, 2005-2009 108
67: Key Financial Ratios for Network Rail, 2005-2009 109
68: Forecast Total Investment in the Rail Engineering Sector in Great Britain,
2008/09-2012/13 113
69: Total Renewals and Maintenance Expenditure in CP4, Network Rail Strategic
Business Update and ORR Assessment 115
70: ORR Annual Assumptions for CP4 Maintenance, Renewals and Enhancements Expenditure, 2009/10-2013/14 116
71: Selection of Network Rail Enhancement Projects in CP4s, 2008/09-2013/14 116
72: Forecast Investment in Railway Rolling Stock in Great Britain, 2009-2014 120