SPANISH rolling stock manufacturer Grupo Talgo has announced a net loss of €18·5m for 2003, compared with a loss of €8·8m in 2002. Turnover in 2003 was up at €282m from €177m the year before.

The loss on ordinary activities in 2003 was €13·7m, due largely to the negative impact of a train maintenance contract that expired at the end of the year, losses on the contract to supply rolling stock to Kazakhstan Railways and movements in the euro/US dollar exchange rate which produced a loss of €5·6m. In 2002, the loss on ordinary activities had been €19·3m.

According to the company, 2003 was a year of restructuring which had been required ’to secure the viability of the company and existing jobs, following four years of losses on ordinary activities and growing price competition in the sector’. Talgo expects recent major high speed rolling stock orders from Spanish National Railways (RG 4.04 p182) to help secure its position.