That's correct.
Paul1609,in the economic conditions that GC and WSMR expected to trade under, yes, would have seen then essentially leeching off ORCATS while stimulating some new travel, however, what I feel they now represent, in a much more challenging ecconomic market place is a much lower priced competitor that the business market will switch to to avoid the exhorbitant walk up prices that the franchised operators impose upon them.
I will cite two examples from Monday morning's 1A60. Guy gets on at Eaglescliffe but needs to go back to Darlington, balks at price of the full SOR and opts for a GC return with a ticket from Northallerton-Darlo. Totally changed plans for his return on the basis of cost - paying on a company credit card!
Same situation at York, guy got on, no ticket, wanted a return, again, all on expenses choose the GC option despite an extra hour in London.
GC will get a lot more revenue from these tickets than they ever would out of ORCATS.