Group revenues reached €573m, compared with €558.3m in the third quarter of 2011, while operating profit rose 1.3% to €128.3m.

VTG says capacity utilisation in its wagon division reached 90% as revenues grew 4.4% to €233.9m and all of the wagons released following the insolvency of a major mineral customer were returned to use with other operators.

The rail logistics division saw a 1.3% rise in revenues to €221.4m with increased activity in a number of sectors, including chemicals, largely offsetting a decline in the agriculture business.

VTG operates around 53,800 wagons in Europe and in 2011 doubled the size of its fleet in the United States. The company also entered the Russian market last year through the acquisition of Railcraft, Finland.

"Despite an environment of uncertainty and caution, we are on the right path towards achieving our objectives for 2012," says VTG CEO Dr Heiko Fischer. "Our acquisitions made in 2011 are making a clear impact on revenue. Thus the strategy of growth we have drawn up is successfully showing results."