TIDMNEX
RNS Number : 0085C
National Express Group PLC
05 November 2009
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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 GBP40 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
END
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