Advertisement

FirstGroup wins rail extensions in DfT franchise shake-up

FirstGroup announced that its three of its five current rail franchises across the UK will run beyond their current planned end dates.

FirstGroup announced that its three of its five current rail franchises across the UK will run beyond their current planned end dates.

First Capital Connect, First Great Western and First TransPennine Express will all continue through their respective end dates, FirstGroup said in a statement on Tuesday morning.

The news comes after the Department for Transport (DfT) published for the first time ever a detailed, transparent timetable for all rail franchises over the next eight years, using a mixture of extensions to existing franchises and direct award contracts to ensure a better system.

Advertisement - Article continues below

Transport Secretary Patrick McLoughlin said that the new approach to franchising will: provide long-term certainty to the market; support the DfT's massive programme of rail investment; and deliver on the review of rail reform.

"The publication of the timetable setting out the return to rail franchising is an important development for the industry, enabling the private sector to continue to provide effective and efficient passenger rail services with further performance and infrastructure improvements," said FirstGroup's Chief Executive Tim O'Toole.

"In particular, the extension of our First Capital Connect, First Great Western and First TransPennine Express franchises provides continuity and consistency for our passengers and enables us to continue to deliver considerable improvements to services."

Shares were more or less unchanged in early trading, up just 0.04% at 198.27p by 08:15.

BC

Advertisement
Advertisement

Recommended

Visit/investments/investment-strategy/601044/broker-safety-your-questions-answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
Visit/investments/investment-strategy/600861/how-demographics-affects-stock-valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Visit/investments/stocks-and-shares/600863/sirius-minerals-anglo-american-takeover
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Visit/investments/stockmarkets/600634/why-investors-should-be-cautiously-bullish-for-2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Visit/investments/property/601606/house-prices-crash-uk-property-prices-falling-where-next
Property

House price crash: UK property prices are falling – so where next?

With UK property prices falling for the first time in eight years, are we about to see a house price crash? John Stepek looks at what’s behind the sli…
2 Jul 2020
Visit/economy/inflation/601584/the-end-of-the-bond-bull-market-and-the-return-of-inflation
Inflation

The end of the bond bull market and the return of inflation

Central bank stimulus, surging post-lockdown demand and the end of the 40-year bond bull market. It all points to inflation, says John Stepek. Here’s …
30 Jun 2020
Visit/investments/stockmarkets/601611/nasdaq-all-time-high-markets-and-the-real-economy
Stockmarkets

How can markets hit new record highs when the economy is in such a mess?

Despite the world being in the midst of a global pandemic, America's Nasdaq stock index just hit an all-time high. And it's not the only index on a bu…
3 Jul 2020