Maiden rises 10% on £447m Network Rail contract win
LONDON - Maiden Group, the outdoor advertising company, has scooped two contracts worth £477m across Network Rail stations in the UK.
The larger contract is worth £450m in revenue and will cover more than 2,000 poster sites across 17 mainline stations, including Birmingham New Street, Charing Cross, Euston, Gatwck Airport, Manchester Piccadilly and Victoria among others, in a deal spanning 10 years.
A separate £27m package for five years has also been renewed to manage exhibitions and product sampling opportunities on Network Rail-managed station concourses.
The company's share price rocketed by more than 10% on the news, up 24p to 245p and closed the day at 242.5p.
Maiden's current outdoor advertising contract of seven years for Network Rail began in 1997 and will conclude at the end of September.
Ron Zeghibe, Maiden's chief executive, said: "These are very important tenders to have won. Not only were they won against keen international competition but we have been offered a longer advertising contract this time."
The win follows Maiden's earlier successes in train operating company contracts. Maiden has also won contracts with National Express Group, South Eastern Trains and First Great Western.
"It will give Network Rail a stronger role as network operator, putting it in charge of industry planning, timetables and coordinating service recovery following problems on the track," he said.
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