Cubic Gets 3-Year Contract Extension Worth $185M From a UK Transit Agency

Cubic Corp. has received a three-year extension on its contract to collect revenue for Transport for London, the transit agency for the United Kingdom’s capital city. The extension is worth $185 million and the contract will now expire in 2025.

Cubic (NYSE:CUB) announced the news Nov. 16.

The San Diego company’s transportation business supplies London’s Oyster and contactless ticketing system.

Cubic also said it finalized its $553.8 million contract with the New York Metropolitan Transportation Authority for design and implementation of a New York City’s new fare payment system. The London system is a model for the improved New York system.

Cubic also recently received a contract win, albeit a small one, in its own back yard. On Nov. 7, the business said it received a five-year contract extension worth more than $3 million to deliver maintenance services for the North County Transit District’s ticketing system. The local agency uses Cubic’s Compass Card.