16th Oct 2014 09:32
LONDON (Alliance News) - National Express Group PLC Thursday said its Spanish subsidiary has retained and expanded its contract to supply regional commuter coach services in the Bilbao metropolitan region.
ALSA, the Spanish arm of National Express, has extended the regional government contract for another 10 years, with an option to extend the deal for a further five years beyond that. The deal is worth EUR40 million in annual revenue, National Express said, giving the contract a total value of EUR600 million if the extension option is taken up.
The new contracts are due to start in coming weeks, National Express said.
"I am extremely pleased that we have been able to secure these significant contracts through the high quality of our bid. As the largest Spanish contract to have so far come up for renewal, I am delighted we have not only retained the service, but also grown the size of the contract," said National Express Chief Executive Dean Finch.
National Express shares were down 1.0% to 217.80 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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