LAING RAIL WAS FORMED IN 2002 AFTER THE ACQUISITION OF THE REMAINING MINORITY INTERESTS IN M40 TRAINS LIMITED, THE CHILTERN RAILWAYS FRANCHISE HOLDER. CURRENTLY INVESTED IN THE UK ALONE, LAING RAIL HAS EXPERTISE IN BOTH TRAIN OPERATIONS AND INFRASTRUCTURE DELIVERY. THIS IS A UNIQUE COMBINATION IN THE CHANGING LANDSCAPE OF UK RAIL, WHERE THE DISCIPLINES OF PROJECT MANAGEMENT FOCUSSED ON COST CONTROL, VALUE FOR MONEY DELIVERY AND CUSTOMER FOCUS ARE NOW IN DEMAND. LAING RAIL IS NOT CURRENTLY PURSUING TRAM PROJECTS, WHICH HAVE HAD A CHEQUERED COMMERCIAL HISTORY IN THE UK, BUT IS EXAMINING OPTIONS TO EXPAND BOTH ITS OPERATIONAL INTERESTS AND ITS ROLE IN INFRASTRUCTURE ENHANCEMENT, WHERE THE CAPABILITIES THAT ARE CENTRAL TO PFI/PPP PROCUREMENT ARE EQUALLY RELEVANT.
2003 Highlights
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PROFIT BEFORE TAXATION OF £10.1 MILLION (2002 – £0.8 MILLION)
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CHILTERN PASSENGER REVENUES INCREASED 9.4% YEAR-ON-YEAR WITH 90.75% OF TRAINS ON TIME (MOVING ANNUAL AVERAGE)
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IMPLEMENTATION OF CHILTERN FRANCHISE INVESTMENT COMMITMENTS ON SCHEDULE
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CHILTERN RAILWAYS UK NATIONAL #1 FOR OVERALL CUSTOMER SATISFACTION AS MEASURED BY THE STRATEGIC RAIL AUTHORITY
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CHILTERN ALSO WON THE BEST RAIL ROUTE, BEST MEDIUM-SIZED STATION (MARYLEBONE) AND BEST INFRASTRUCTURE PROJECT CATEGORIES AT THE 2003 NATIONAL RAIL AWARDS
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JOHN LAING FORMED THE LONDON & WESTERN RAILWAYS JOINT VENTURE WITH GNER HOLDINGS IN ORDER TO TARGET THE GREATER WESTERN FRANCHISE; THIS VENTURE BRINGS TOGETHER EXPERTISE IN BOTH INTERCITY, LOCAL AND REGIONAL SERVICES AND TWO OF THE MOST CONSISTENTLY SUCCESSFUL UK RAIL COMPANIES
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THE VALUE OF JOHN LAING’S INVESTMENT IN THE CITY GREENWICH LEWISHAM LINK OF THE DOCKLAND’S LIGHT RAILWAY WAS SUBSTANTIATED IN LATE 2003 THROUGH MOWLEM’S SUCCESSFUL DISPOSAL OF ITS EQUITY INTEREST TO INFRASTRUCTURE INVESTORS L.P., AN EMERGING SECONDARY FUND JOINTLY MANAGED BY SUBSIDIARIES OF BARCLAYS AND SOCIÉTÉ GÉNÉRALE
Financial Highlights
2003
£ million
2002
Restated*
£ million
Turnover
96.6
87.6
Profit before taxation
10.1
0.8
Net assets
44.3
32.2
* restated for changes in accounting policies, refer to note 1.
