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National Express (NEX)

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Thursday 05 November, 2009

National Express

East Coast Mainline

RNS Number : 0085C
National Express Group PLC
05 November 2009
 



National Express - East Coast Mainline

 

On 1 July 2009, National Express Group PLC (the "Company" or the "Group") announced that discussions with the UK Department for Transport ("DfT") had not secured an improved outlook for the National Express East Coast ("NXEC") franchise.  As a result, the loss-making franchise would continue to be supported by National Express in line with its franchise support commitments until the committed funding was fully utilised. 

 

During the last five months, the Group has worked with the DfT and the proposed operator Directly Operated Railways ("DOR") to ensure an orderly handover.  The franchise has continued to operate on all its existing terms, with the contractual support of the Group.  The Group's committed funding support, comprising of a £40 million loan, has now been fully advanced to NXEC.

 

In order to effect the handover from NXEC to DOR, the DfT issued a termination notice after the markets closed last night and as a result, the operation of the NXEC franchise will transfer to DOR at 23.59 on 13th November 2009.

 

We do not expect passengers, services or employees to be affected by the handover.

 

The Group has two other rail franchises in the UK - National Express East Anglia and c2c - which are not subject to the termination notice announced today.

 

ENDS

 

Enquiries:


National Express Group PLC 


Jez Maiden, Group Finance Director

020 7506 4324

Nicole Lander, Director of Communications 

0121 460 8401



Maitland 

 

Neil Bennett

020 7379 5151

George Hudson 

020 7379 5151


Notes

East Anglia and c2c continue to deliver record performances in operational delivery and customer satisfaction.  c2c delivered a Public Performance Measure (PPM) on a Moving Annual Average (MAA) basis of 95.9% to 17 October 2009. Since March 2009, c2c has recorded first place in UK rail franchises for PPM. c2c also achieved first place for franchised train operating companies for overall satisfaction in the National Passenger Survey (2009). East Anglia achieved a PPM (MAA) of 91.0% to 17 October 2009, the highest level since the franchise was awarded.

 



This information is provided by RNS
The company news service from the London Stock Exchange
 
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