TRAIN operator Cross Country Trains recorded sharply reduced operating and pre-tax profits in the year to March 3 2007, as cost increases outstripped significant turnover growth.
The company, owned by the Virgin/Stagecoach joint venture, has run the franchise since January 1997 and was originally scheduled to last 15 years until 2012. However, the agreement was replaced in 2002, since when Virgin has run the franchise on a fixed fee basis. A competition to let a new franchise was held in...
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