Serco Group secures extension of Docklands Light Railway contract

British government services company Serco Group has secured an 18-month extension of its Docklands Light Railway (DLR) contract with the Transport for London.

British government services company Serco Group has secured an 18-month extension of its Docklands Light Railway (DLR) contract with the Transport for London.

Serco's extension to operate, maintain and market the busiest light railway in the UK is valued at £100m and will run from April to September 2014.

The FTSE 100 company has worked on making improvements to the service of DLR under two consecutive contracts since 1997.

The contract extension comes after Secro was named Light Right Operator of the Year as it upgraded services of the DLR during the Olympics when the railway carried 7.2m passengers.

The upgrades during the sporting event included new timetables with three-car trains on all routes from January 2012, improvements in passenger information and staffing, a new control centre at Beckton, 10 bespoke timetables for the Olympics and extended services supported by 45,000 extra staff hours.

DLR Director Jonathan Fox said: "I am pleased to announce the extension of this contract and the continuation of a successful working partnership that has seen the DLR expand its network, increase its capacity by 50% and successfully meet the challenge of the Olympics, when the network carried more than 100% more customers than normal."

Christopher Hyman, Chief Executive of Serco Group, added: "We are delighted

that our performance has been recognised with this 18-month extension of the DLR contract.

"We have a strong track record of delivering high quality rail services in the UK and internationally, with our award-winning services recognised for their high levels of performance, punctuality and passenger care. The commitment, dedication and innovation of our people have delivered an outstanding service, particularly during the Olympics."

Shares climbed 0.82% to 556.50p at 9:35 Monday.

RD

Recommended

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

Most Popular

Bitcoin: fool’s gold or the new gold?
Bitcoin

Bitcoin: fool’s gold or the new gold?

With bitcoin hitting new highs last week, and close to becoming a mainstream investment, is it really gold for the 21st century?
15 Jan 2021
Forget austerity – governments and central banks have no intention of cutting back
Global Economy

Forget austerity – governments and central banks have no intention of cutting back

Once the pandemic is over will we return to an era of austerity to pay for all the stimulus? Not likely, says John Stepek. The money will continue to …
15 Jan 2021
The MoneyWeek Podcast: bitcoin special
Bitcoin

The MoneyWeek Podcast: bitcoin special

Merryn talks to bitcoin experts Dominic Frisby and Charlie Morris to get the lowdown on the cryptocurrency to find out why it's such a huge global phe…
15 Jan 2021
Free 6 issue trial then continue to