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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  FirstGroup    FGP   GB0003452173

FIRSTGROUP

(FGP)
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FirstGroup : Avanti West Coast revealed as name for new InterCity West Coast rail franchise

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11/27/2019 | 03:01pm EST
Avanti

Avanti is Italian for 'Forward, Let's go!' and, according to the new operators, has been chosen to reflect a mission to deliver an innovative railway service that is "ready for today and fit for the future".

From 8 December 2019, FirstGroup and Trenitalia will take over the operation of InterCity West Coast rail services, paving the way for a more comfortable, reliable and greener service which will link London to cities and towns across England, North Wales and Scotland, serving as a "vital economic artery bringing cities and people closer together".

Avanti West Coast to deliver passenger enhancements

The Avanti West Coast logo is a bright orange triangle, symbolising the geographic extent of the 400-mile-long route that serves cities including Birmingham, Manchester, Liverpool, and Glasgow, as well as London and North Wales.

Under the new West Coast Partnership, First Trenitalia is committed to delivering a range of passenger enhancements for InterCity West Coast services and passengers will benefit from more trains, more seats, simplified fares, and more frequent services. The 56 Pendolino trains will be completely refurbished with 25,000 brand new seats, more reliable Wi-Fi, and improved catering. By 2022, there will be 263 more train services every week to more places and a fleet of new trains introduced.

Mobile tickets and smartcards will be introduced, with fares and ticket types simplified. Stations will be improved with refreshed waiting rooms, better customer facilities, more car park spaces, and greater accessibility for those who need it. The Partnership will also pave the way for a new era in high-speed rail in the UK in the coming years, working with HS2 Ltd and the Department for Transport (DfT).

Speaking at the launch of the new brand in Birmingham, Steve Montgomery, Managing Director of First Rail, said: "Today marks the start of a new era in high-speed rail services - one that will generate national prosperity and pride. Avanti West Coast enshrines the type of forward-thinking operation we intend to run, that's ready for today and fit for the future."

Steve continued: "We're looking forward to taking over the franchise in 11 days' time and we are very pleased and proud to be working with Trenitalia, a strong partner who is committed to playing an increasing role in UK rail and has many years of expertise in the high-speed sector in Italy.

"We are committed to our customers and over the next few years, we will work with our industry and local partners not only to invest in, and improve, rail services on the route, but also to attract more people to rail and connect communities across the country."

Ernesto Sicilia, Managing Director, Trenitalia (UK) Ltd, said: "It's an amazing honour to partner with FirstGroup. After our entrance into the British market in 2017, today marks another step in our ambition to play a positive role in the UK rail industry, in which we see a great future. Avanti West Coast is a strong, progressive and dynamic brand that reflects our commitment to providing our customers with an exceptional service. We are thrilled that the name Avanti has been chosen to represent these values to our customers and pays tribute to our expertise in transforming Italian railways."

© Russell Publishing Limited, 2019. All Rights Reserved., source Trade Journals

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Financials (GBP)
Sales 2020 7 767 M
EBIT 2020 351 M
Net income 2020 156 M
Debt 2020 788 M
Yield 2020 -
P/E ratio 2020 9,71x
P/E ratio 2021 9,10x
EV / Sales2020 0,30x
EV / Sales2021 0,29x
Capitalization 1 513 M
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Mean consensus HOLD
Number of Analysts 9
Average target price 132,78  GBp
Last Close Price 125,00  GBp
Spread / Highest target 32,0%
Spread / Average Target 6,22%
Spread / Lowest Target -20,0%
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Managers
NameTitle
Matthew Gregory Chief Executive Officer, COO & Executive Director
David Robert Martin Non-Executive Chairman
Ryan Dirk Mangold Chief Financial Officer & Director
Warwick Brady Independent Non-Executive Director
Imelda Walsh Independent Non-Executive Director
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