RTC steams ahead after winning five-year Network Rail deal

RTC Group shares soared 40% after the business services provider won a deal worth between £80m and £100m to provide staff to Network Rail.

Ganymede Solutions, RTC’s subsidiary, will provide contingent labour services to the company that oversees the infrastructure of Britain’s rail network.

"The board believes that the award of this contract, coupled with the impressive organic growth with other prime suppliers in the rail sector and the diversification opportunity created through the acquisition of RIG Energy at the end of 2014, places Ganymede in an enviable position relative to its peers," RTC chief executive Andy Pendlebury said in a statement.

The company added the five-year contract, which will include supplying Network Rail with safety workers as well as rack and electrification and plant workers in Wales, the Midlands, West, South West and North East England, will begin in April 2015.

RTC shares were up 40% to 56.00p at 11:16 on Wednesday.