(Alliance News) - National Express Group PLC on Monday said it has won a contract worth over EUR1 billion to operate the RE1 and RE11 Rhein-Ruhr-Express lines in Germany to 2033.
National Express shares were up 4.9% to 144.29 pence each in London early Monday, among the best FTSE 250 performers.
The Birmingham, England-based transport provider first took over the operation of the two lines in February 2022 through an emergency contract award.
Following this new contract award, National Express now operates all three asset light Rhein-Ruhr-Express lots under long term contracts. The company noted that the contract is worth EUR1 billion over the lifetime of the agreement.
National Express said that the contract establishes it as "the second largest rail transport company in the region, delivering an anticipated 20 million train kilometres in 2023".
It added that the agreement allows it to unlock operational synergies and cements its position as the "trusted operator" in the region.
Chief Executive Ignacio Garat said: "To have secured this contract on the back of an emergency contract award is testament to our operational excellence and the strength of our proposition in Germany. It is also clear evidence of our Evolve strategy in action, and we look forward to making further progress in realising similar asset-light opportunities across the company."
By Sophie Rose, Alliance News reporter
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