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MS35031 MSI RAIL & LIGHT RAIL SERVICE AND MAINTENANCE: UK: MARCH 2001

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TABLE OF CONTENTS

1 Executive Summary 1
2 INTRODUCTION 3
2.1 Definitions 3
2.2 Methodology 4
2.3 Economic Background 4
2.3.1 Overview 4
2.3.2 Interest Rates 6
2.3.3 Inflation 7
2.3.4 Exchange Rates 7
2.3.5 Taxation 8
2.3.6 Household Income And Consumer Expenditure 9
2.3.7 Manufacturing Output 10
2.3.8 Services 11
2.3.9 Investment 11
2.3.10 Forecasts 12
2.4 Exchange Rates 13
2.5 Abbreviations 13
3 Regulation 15
3.1 Overview 15
3.2 Safety Regulations 16
3.3 Network License 17
3.4 The Railways (Safety Case) Regulations 2000 17
4 MARKET OVERVIEW 19
4.1 Market Overview and Trends, 1996-2000 19
4.2 Market Segmentation 23
4.2.1 Infrastructure 23
4.2.2 Rolling Stock 26
4.3 Factors Affecting Demand 28
4.4 Market Forecasts, 2001-2005 32
4.5 Forecast Segmentation 35
4.5.1 Infrastructure 35
4.5.2 Rolling Stock 36
5 CAPITAL Investment 38
5.1 Capital Investment Overview And Trends, 1996-2000 38
5.2 Capital Investment Segmentation, 1996-2000 40
5.3 Factors Affecting Investment 42
5.3.1 Government Policy 42
5.3.2 Re-franchising 43
5.4 Forecast Capital Investment, 2001-2005 44
5.5 Forecast Investment Segmentation, 2001-2005 46
6 Opportunities for Suppliers 49
6.1 Infrastructure 49
6.2 Rolling Stock 53
6.3 Light Rail 54
7 Critical Success Factors 56
8 Contracting Strategies 61
8.1 Overview 61
8.2 Infrastructure 61
8.2.1 IMC-2000 Contracts 61
8.2.2 Supplier Management Programmes 62
8.2.2.1 Supplier Registration 62
8.2.2.2 Supplier Qualification 63
8.2.2.3 Supplier Accreditation 63
8.2.3 Supply Chain Management 64
8.3 Rolling Stock 64
8.4 Light Rail 66
9 INDUSTRY STRUCTURE 67
9.1 Overview 67
9.2 Company Profiles 70
9.2.1 Adtranz 70
9.2.2 ALSTOM 72
9.2.2.1 Overview 72
9.2.2.2 Business Profile 73
9.2.3 AMEC 73
9.2.3.1 Overview 74
9.2.3.2 Business Profile 75
9.2.4 Amey 75
9.2.4.1 Overview 75
9.2.4.2 Business Profile 76
9.2.5 Balfour Beatty 77
9.2.5.1 Overview 77
9.2.5.2 Business Profile 78
9.2.6 Bombardier Transportation 79
9.2.7 Brush Traction 80
9.2.7.1 Overview 80
9.2.7.2 Business Profile 80
9.2.8 Carillion (Carillion Infrastructure Management) 82
9.2.8.1 Overview 82
9.2.8.2 Business Profile 83
9.2.9 Corus Rail 85
9.2.9.1 Overview 85
9.2.9.2 Business Profile 85
9.2.10 First Engineering 87
9.2.10.1 Overview 87
9.2.10.2 Business Profile 88
9.2.11 GT Railway Maintenance 89
9.2.11.1 Overview 89
9.2.11.2 Business Profile 90
9.2.12 Jarvis 91
9.2.12.1 Overview 91
9.2.12.2 Business Profile 92
9.2.13 Thales Translink (formerly Racal Translink) 93
9.2.13.1 Overview 93
9.2.13.2 Business Profile 94
9.2.14 Siemens Transportation Systems 95
9.2.14.1 Overview 95
9.2.14.2 Business Profile 96
9.2.15 Westinghouse Brakes (UK) 97
9.2.16 WS Atkins 98
9.2.16.1 Overview 98
9.2.16.2 Business Profile 99
10 MAGAZINES 101
11 Trade AssociationS and Regulatory Bodies 102
List of Tables
1.     Economic Indicators On The UK Economy, 1995-2002 6
2.     UK Market For Service And Maintenance In The Railways, 1996-2000 19
3.     Passenger Usage Of The London Underground, 1996-2000 22
4.     UK Market For Service And Maintenance Of The Rail Infrastructure By Sector, 1996-2000 24
5.     UK Market For Service And Maintenance Of Rolling Stock, 1996-2000 26
6.     Franchise Plans For Rolling Stock Orders In The UK Rail Industry 27
7.     Forecast UK Market For Service And Maintenance In The Railways, 2001-2005 32
8.     Forecast UK Market For Service And Maintenance Of The Rail Infrastructure By Sector, 2001-2005 35
9.     Forecast UK Market For Service And Maintenance Of Rolling Stock, 2001-2005 37
10.  UK Capital Investment In The Railways, 1996-2000 38
11.  UK Capital Investment In The Railways, By Sector, 1996-2000 41
12.  Forecast UK Capital Investment In The Railways, 2001-2005 45
13.  Forecast UK Capital Investment In The Railways, By Sector, 2001-2005 47
14.  Railtrack Delays, By Cause, 1999 And 2000 52
15.  The UK Railway Supply Industry, 2000 68
16.  Financial Summary Of ALSTOM, 1997-2000 73
17.  Financial Summary Of AMEC, 1995-1999 75
18.  Financial Summary Of Amey, 1995-1999 77
19.  Financial Summary Of Balfour Beatty, 1996-2000 79
20.  Financial Summary Of FKI, 1996-2000 81
21.  Financial Summary Of Carillion, 1998 And 1999 84
22.  Turnover Of Carillion, By Sector, 1998 And 1999 84
23.  Financial Summary Of British Steel, 1995-1999 86
24.  Turnover For British Steel, By Region, 1995-1999 86
25.  Financial Summary Of First Engineering, 1996-2000 88
26.  Financial Summary Of GT Railway Maintenance, 1996-2000 90
27.  Financial Summary Of Jarvis, 1996-2000 93
28.  Financial Summary Of Racal Electronics, 1996-1999 95
29.  Turnover Of Siemens Holdings, 1995-1999 97
30.  Financial Summary Of WS Atkins, 1996-2000 99
31.  Turnover Of WS Atkins, By Segment, 1999 And 2000 100
List of Diagrams
1.     Structure Of The Regulation Of The UK Rail Industry 15
2.     Passenger Demand Forecast, 2000-2010 34
3.     UK Capital Investment In The Railways, By Sector, 2000 42

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EXECUTIVE SUMMARY

The privatisation of the UK railway industry was fully completed in February 1997. The privatisation was facilitated by the Railways Act 1993, which enabled the existing British Rail businesses to be transferred to the private sector in order to increase investment and competition in the UK rail network.

Following the privatisation of the UK railway industry, the market for rail service and maintenance increased significantly. Indeed, the total market increased by 14 percent during the review period, reaching a level of £1.35 billion (€2.27 billion) in 2000.

In the market for the service and maintenance of infrastructure, track represented the most significant sector. Indeed, the market for track service and maintenance increased by some 7 percent during 2000 compared with 1999. This is attributable to the emergence of the scale of the weaknesses in the track network, highlighted by the Hatfield derailment.

The service and maintenance of rolling stock accounted for 47 percent of the total market in 2000. This was largely due to the high level of older vehicles still in service on the UK rail network. In addition, the trend towards the inclusion of a long term maintenance contract with orders for new rolling stock has led to an increase in the market during the review period.

MSI believe that growth in the market for light rail systems has also led to an increase in the market for rail service and maintenance. The construction of new schemes such as the Nottingham Express Transit project, as well as the extensions to the current schemes such as the Manchester Metrolink have increased the market for light rail service and maintenance.

The London Underground is also an important market for rail service and maintenance companies. The current proposals to implement Private Public Partnerships within the London Underground for service and maintenance present a considerable opportunity for contractors to expand their market shares.

MSI believe that the market for rail service and maintenance will continue to increase during the forecast period. Indeed, it is expected that the market will increase by as much as 20 percent in real terms between 2001 and 2005. This is due to a continued level of high investment by Railtrack into rail service and maintenance, as well as the growth in light rail systems.

There are a number of factors affecting demand for rail service and maintenance. MSI have identified the following:

The privatisation of the UK railway industry has led to a significant increase in the level of capital investment in the UK railways. MSI estimate that total capital investment has increased by some 53 percent since the privatisation was fully completed in 1997. Capital investment in the UK railways was estimated to have amounted to £4.09 billion (€6.87 billion) in 2000.

There are a number of factors that are critical to the success of service and maintenance contractors in the UK rail industry. MSI have identified the following:

MSI believe that the rail service and maintenance industry is characterised by a high level of competition. This is highlighted by the number of mergers and acquisitions that took place in 1999 and 2000. There is also an increasing trend towards the formation of consortia in order to undertake major projects such as the West Coast Route Modernisation scheme and the Nottingham Express Transit project. The increased opportunities have led to high levels of competition from overseas contractors, particularly those which have experience of maintaining and operating successful rail networks in other countries.

Text © 2001 MSI

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Last updated by Paul Tucker 6th June 2001