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GB : FirstGroup - New contracts for SWR and TPE confirmed

FirstGroup has been awarded new National Rail Contracts for its South Western Railway and TransPenninne Express operations. The terms are largely as expected, with no revenue risk and minimal cost risk. The annual management fees are more heavily skewed towards performance incentive fees than we had assumed. However, our forecasts can be met with less than the maximum bonus payout. A clear step towards delivering more stable and sustainable earnings in UK rail.


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