The annual round of contracts awarded attracts considerable attention in the
trade press (see, for example, Motor Transport magazine). As market growth has
slowed, the market has become even more competitive. The uncertainty over
fuel prices, given their importance in contract terms, and the need to be pricecompetitive
have meant that most providers have had a difficult time in maintaining
margins. In 2005, for example, Analytica reported that around half of
the main European providers in 2004 had experienced a small decline in operating
margins (Analytica, 2005). This list included Exel, Wincanton, Christian
Salvesen, TDG and GIST.