RTC surges after securing Network Rail contract

10th Aug 2021 16:07

(Sharecast News) - Shares of AIM-listed RTC surged on Tuesday after subsidiary Ganymede secured a contract with Network Rail to provide frontline labour services, including the supply of safety critical, track, civil, electrification and plant and signalling resources nationally.
The contract will run for a minimum of five years from 1 October, up to a maximum of eight years and has an estimated order book value of between £100m and £150m over the term.

RTC said the contract award "confirms Ganymede's position as one of the UK's leading suppliers of frontline labour to the rail industry".

Chief executive Andy Pendlebury said: "This award is yet another resounding endorsement of the professional service that Ganymede continues to deliver to its long-term partner, Network Rail. It also vindicates the group's long-term strategic commitment of investing alongside blue-chip clients supporting the UK transportation and wider infrastructure sector.

"Ganymede has established itself as one of the UK's most respected frontline labour suppliers and this new long-term partnership with Network Rail both underpins this and provides a further fundamental pillar for the group's growth plans."

At 1610 BST, the shares were up 55% at 55.10p.