FIRSTGROUP PLC
Award of London cable car
contract
FirstGroup
plc ('FirstGroup' or the 'Group') is pleased to announce that it
has been awarded the contract by Transport for London (`TfL') to operate the IFS Cloud London
Cable Car that links the Greenwich Peninsula with the Royal Docks
area on the north bank of the River Thames.
The
contract will commence on 28 June
2024 and has an initial core five-year term with the option
to extend for a further three years. The Group anticipates revenues
of c.£60m over the eight-year period of the contract, with
patronage risk taken by the authority; there is also limited
capital expenditure and contingent capital.
Over the
life of the contract, the Group will support TfL in its vision to
promote the cable car as a leader in London's leisure market. The Group
is already working on plans to improve the service during the
period of the contract, as well as creating educational outreach
and work placements for school students in the local boroughs of
Greenwich and Newham.
Graham
Sutherland, FirstGroup Chief Executive Officer, said:
"We are
delighted to have been awarded the contract to operate the
London cable car, the only urban
cable car in the UK. We are looking forward to working with
Transport for London in order to
develop the customer proposition for this iconic London experience and landmark and place the
service at the heart of its local community."
"FirstGroup
has been one of the largest transport operators in the country for
nearly three decades, working with a wide range of partners under
various forms of contract types, growing passenger demand, creating
economic benefits for our communities and delivering significant
infrastructure projects. We are actively pursuing opportunities to
grow and diversify our portfolio and earnings through further
opportunities in the UK, including participating in TfL tenders
such as this."
Contacts
at FirstGroup:
Marianna
Bowes, Head of Investor Relations
Stuart
Butchers, Head of Corporate Communications
corporate.comms@firstgroup.co.uk
Tel: +44
(0) 20 7725 3354
|
Contacts
at Brunswick Group:
Andrew
Porter / Simone Selzer
Tel: +44
(0) 20 7404 5959
|
|
|
Contacts
at Liberum Capital Limited:
Nicholas
How / John Fishley
Tel: +44
(0) 20 3100 2000
|
Contacts
at RBC Europe Limited:
James Agnew
/ Jamil Miah
Tel: +44
(0) 20 7653 4000
|
Forward-looking
statements
Certain
statements included or incorporated by reference within this
announcement may constitute 'forward-looking statements' with
respect to the business, strategy and plans of the Group and our
current goals, assumptions and expectations relating to our future
financial condition, performance and results. By their nature,
forward-looking statements involve known and unknown risks,
assumptions, uncertainties and other factors that cause actual
results, performance or achievements of the Group to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. No
statement in this announcement should be construed as a profit
forecast for any period. Shareholders are cautioned not to place
undue reliance on the forward-looking statements. Except as
required by the UK Listing Rules and applicable law, the Group does
not undertake any obligation to update or change any
forward-looking statements to reflect events occurring after the
date of this announcement.
Legal
Entity Identifier (LEI): 549300DEJZCPWA4HKM93. Classification as
per DTR 6 Annex 1R: 3.1
About
FirstGroup
FirstGroup
plc (LSE: FGP.L) is a leading private sector provider of public
transport services. With £4.8 billion in revenue and around 30,000
employees, we transported more than 1.8m passengers a day in 2022/23. We create
solutions that reduce complexity, making travel smoother and life
easier. Our businesses are at the heart of our communities and the
essential services we provide are critical to delivering wider
economic, social and environmental goals. Each of our divisions is
a leader in its field: First Bus is the second largest regional bus
operator in the UK, serving two-thirds of the country's 15 largest
conurbations with a fleet of more than 4,500 buses, and carrying
more than a million passengers a day. First Rail is the UK's
largest rail operator, with many years of experience running
long-distance, commuter, regional and sleeper rail services. We
operate a fleet of more than 3,500 locomotives and rail carriages
through three management fee-based train operating companies
(Avanti West Coast, GWR, SWR) and two open access routes (Hull
Trains and Lumo). We are formally committed to operating a
zero-emission First Bus fleet by 2035, and First Rail will help
support the UK Government's goal to remove all diesel-only trains
from service by 2040. In February
2023 FirstGroup was named as one of the world's cleanest 200
public companies for the fourth consecutive year by sustainable
business media group Corporate Knights in partnership with US
not-for-profit organisation, As You Sow. We provide easy and
convenient mobility, improving quality of life by connecting people
and communities. Visit our website at www.firstgroupplc.com and
follow us @firstgroupplc on X.