EUROPE: Vossloh Group has reported full-year pre-tax profits of €152·1m in 2010, a 10·3% increase on the previous year. The company also recorded its highest-ever sales of €1·35bn, up by 15·1% on 2009.
Vossloh attributed almost half of its revenue growth to its Rail Services business unit, formed following the acquisition of three German rail logistics, welding and maintenance companies in December 2009. Organic sales growth was 7·9%.
Strong performance in Asia, fuelled by high demand for rail fastenings in China, meant that the non-European share of group revenue increased from 27·1% to 29·5%.
The Rail Infrastructure division, which includes Rail Services, saw strongest sales growth, increasing by 29·2% to €891·5m. However, the fragility of the rail freight market was reflected by a 4·9% decline in revenue at Vossloh’s rolling stock business, which saw pre-tax earnings fall from €35·2m in 2009 to €27·5m.
However, the company said that a growing order book for metro and light vehicles had helped its Spanish plant in Valencia to weather the recession, and renewed growth in orders for shunting locomotives at Kiel augured well for the long-term health of its locomotive business.
‘2010 was the most successful year in our corporate history’, said Vossloh AG CEO Werner Andree. ‘The acquisition of the Rail Services business unit has proven to be a step in the right direction, and our locomotive business is regaining its former strength’.