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FirstGroup In Multi-year National Rail Contract With DfT For GWR

Transport operator FirstGroup plc (FGROY.PK) on Tuesday said it has signed a National Rail Contract (NRC) with the Department for Transport (DfT) for the former's Great Western Railway (GWR) train operating company.

Under the contract, GWR will earn a fixed management fee of 6.9 million pounds annually, with an opportunity to receive additional performance-based fee of up to 17.8 million pounds per year.

The National Rail Contract is a management contract under which the DfT retains all revenue risk and substantially all cost risk, FirstGroup said.

The Group further added that its contingent capital for the GWR NRC is 13 million pounds.

The contract, which is expected to commence on June 26, has a core three-year term through 21 June 2025, with an option for extension by up to next three years to June 2028.

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