Haven't they already won the national contract?

We have won the national contract to develop the backend system, but it now needs to be deployed at the front end. If that was then deployed by Great British Railways as the go-to national system, Tracsis will make a fortune. If individual train operators are allowed to procure the system, then some might buy Trainline, some might buy Tracsis, some might buy FAIRTIQ, because the government might well say we have to open up the market to competition, therefore we cannot dictate which system you buy. When I left the business, it wasn't clear whether TAP Converter was going to be mandated as the system everybody uses, or whether it would be positioned as a system you can use, and you decide if you want to adopt that technology or not.

When it comes to those four groups - RCM, OnTrac, iBlocks, the Tracsis Enterprise Suite and pay as you go - if you had to assess the asset quality of the different businesses, in terms of how differentiated the businesses are, the level of competition, the stickiness - how would you rank those?

RCM - Tracsis has a massive installed base in the UK. It probably has over 50% market share in the UK RCM market, so it is sticky. They are the go-to people for remote condition monitoring. The opportunity there is on the software side - so how do you get the data out of those units and then put more predictive analytics into it? They are in a dominant position to do that.