GLOBAL Railway Industries has reported record results for the year to December 31 2003. Consolidated revenues of C$26m were up 106% from 2002, with net earnings increasing by 82% to C$2·7m and EBITDA up 57% to C$3·9m. A major factor was acquisition of G&B Specialities Inc, which doubled the size of the company.

According to President & CEO Mike Kohut ’our business model hasn’t changed. The growth objective for each of our operating subsidiaries is still to become the dominant low-cost supplier in each of the four markets we operate in.’ Looking forward, he said Global Railway Industries had resources ’to finance additional acquisitions and fund organic growth in 2004 and beyond.’