The latest type of these signs do use LEDs, but the ones we have are older models using Fibre Optics. There is a separate light source for each set of fibres and one switches one light source on and the other off to change the sign:I always assumed those were individual LEDs. How does the actual switchover work, then? Is it mechanical using a sliding mask?

This is the lamp unit for the 'OFF' indicator - the "CD/RA" indicator uses two of these. There is a 12volt 55W car headlamp bulb clipped into a reflector attached to an aluminium housing (the black 'cube'-like object) on the opposite of which is a termination holding the ends of all the fibres. The latter can be seen in cable-like bundles inside the unit.
