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Cubic awarded US$700M contract to continue service to UK capital

Transport for London (TfL) has confirmed the award of its ticketing and fare collection contract, starting in August 2015, to San Diego-based Cubic Corp.’s UK subsidiary Cubic Transportation Systems Limited following a competitive tender.

The terms of the contract, which are denoted in pounds sterling, are for seven years with a value of over $700 million. It includes an option to extend the contract for a further three years, giving the contract an expected value of over $1 billion.

The announcement means the continuation of the partnership between TfL and Cubic, which has seen the introduction and network-wide roll out of the iconic Oyster card. Recently, contactless payments have also increased choice and convenience for the millions of travelers who use the London network every day.

Electra includes an initial stage plus extension options up to a total 10-year term. Central to the requirement is the use of technology to reduce costs and improve service to help cope with the increased demand from London’s burgeoning population.

Cubic has been associated with ticketing and revenue management in London for over three decades, earning unrivaled understanding of the intricacies of one of the world’s busiest and most complex urban travel networks. The organization has supported TfL and its predecessor, London Transport, through many major events, including the London 2012 Olympic and Paralympic Games, and the Queen’s Diamond Jubilee. During this time, the performance of the public transport network garnered universal praise.

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Cubic Corp.

Company Website

9333 Balboa Ave.
San Diego, CA 92123

Company Trade Data

Stock Symbol Close
Change
Chg %Chg
Volume
52-Week
High Low
CUB
43.25
  0.24  
+ 0.56%
96,581,000
55.73
39.83

Insider Trade Data

Date Insider Shares Type Value
08/07/2015 Zable, Walter C Jr 66,974 Sell $3,100,242
08/07/2015 Zable, Walter C Jr 66,974 Sell $3,100,242
06/24/2015 Zable, Walter C Jr 134,453 Sell $6,658,951
06/24/2015 Zable, Walter C Jr 134,453 Sell $6,658,951
06/24/2015 Zable, Walter C Jr 134,453 Sell $6,658,951

Cubic Corp. Executive(s):

Bradley Feldmann

  • Chief Operating Officer, President

John Thomas

  • Chief Financial Officer, Executive Vice President

James Edwards

  • Senior Vice President, General Counsel

Mark Harrison

  • Senior Vice President, Corporate Controller

Related Videos

Interview with Bradley Feldmann

July 29, 2015 -- George Chamberlin and Bradley Feldmann, president and CEO of Cubic Corp., talk about the many businesses Cubic is involved in, including defense and transportation.

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2014