Orders rose from £249 million in 2007/08 to £968 million, a 109% rise at constant exchange rates, helped by contracts for European Rail Traffic Management System (ERTMS) equipment in New Zealand, Spain, and Turkey, as well as major deals in Britain and Singapore. Its operating margin improved from 17.3% to 21.1%. Invensys Rail’s performance helped parent company Invensys, Britain, make operating profits of £244 million on revenue of £2.28 billion.

Invensys Rail chief executive Mr James Drummond says he believes the fundamentals of the rail market remain strong in the recession, helped by growing recognition of rail’s environmental and economic benefits, and by government stimulus packages investing in rail.