Period 1 results - Resurrection or Recession?

A number of commuter TOCs have declared disappointing results in Period 1.

Of particular concern is the drop in traffic and revenue on that perennial barometer of the economy South West Trains.

Traditionally InterCity routes are first to be hit in any economic downturn as both Leisure and Business travel tends to be "discretionary". Commuter routes (such as SWT) tend to be better insulated from the usual economic ebb and flow as people still need to get to work.

Optimists ascribe the dip to the disjointed Easter and School Holiday period but DfT and Treasury wonks will be awaiting Period 2 figures with bated breath.