High-speed train manufacturer Talgo has published financial results for a “record year” filling its order book.
The Spanish firm, which supplies rolling stock to Renfe among a range of global clients, said it brought in orders worth €2.1bn ($2.2bn) in 2023. That doubled its current contract backlog, meaning the firm expects to deliver on activities worth €4.2bn ($4.3bn) by 2030.
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Talgo said its revenue rose to €652m ($704m) representing a 39% increase from 2022. EBITDA stood at €76.5m ($82.7m), with net profit at €12.2m ($13.1m).
It said “extensions of the manufacturing contracts with Germany’s DB and Denmark’s DSB” were significant factors in the growth throughout 2023, but it added that rising interest rates had dampened its profit margin.
Overall the firm said it was in a “solid financial profile” with “working capital” of €384.9m ($416.1m), €200m ($216m) in cash and available credit against a net debt of €241m ($260.5m).
“Strong commercial momentum has driven the increase in manufacturing activity, led by projects in Germany, which includes the design and manufacture of 79 Intercity Talgo 230 trains for Deutsche Bahn,” the company’s statement explained.
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By GlobalDataDanish and Spanish high-value orders were also highlighted.
“Denmark, which comprises the design and manufacture of 16 Intercity Talgo 230 trains for DSB; and Spain, whose contract includes the manufacture of 23 very high-speed tractor heads and the maintenance of 13 trains, with an option for 12 additional units for Renfe.”
