Is it different this time?

Bus and train operators claimed they could continue to prosper during the recession, but economic reality is starting to catch up with the industry.

Little more than a year ago, transport operators were the darling of the stock market as chief executives of the ‘Big Five’ groups charmed investors with the notion that their companies could defy the recession.

On the rail side, the theory was that train operators could reverse the trends of previous recessions which had seen heavy falls in patronage. The sales pitch was that a fundamental shift from car and air travel to rail had taken place, caused by factors including road...

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