The companies that fall into the transport sector navigate water, road and rail, carrying everything from people to parcels. But even businesses that do similar things are performing very differently.
As people flock back onto public transport, for example, train and bus operator FirstGroup (FGP) is enjoying excellent profit and revenue growth. By contrast, Mobico (MCG), formerly National Express, is struggling under a mountain of debt and costs, and is considering selling off its US business to bolster its balance sheet.
The two public transport groups illustrate a useful point, however: improving demand is not enough to save all transport companies.