CAF (www.caf.net/en) (the Spanish supplier of rolling stock, infrastructure, signalling and services) has reported a record order intake for 2016 — a year in which it “consolidated a new growth cycle” and strengthened its financial position.

Looking ahead, CAF said it is on track for growth in the coming years, with “a greater range of products and services to be developed, plus improved efficiency to bring cost savings”.

Its order intake saw year-on-year growth of 197% in 2016 (to 2.7 billion euros), while its revenues grew by 2.7% (to 1·3 billion euros), driven by a recovery in industrial activity from July onwards and increased revenues from signalling and services.

Export orders accounted for 79% of its revenues, and there was a record order book worth 6.2 billion euros as of 31 December.

A spokesman said: “Double-digit compound annual growth in sales is anticipated in 2017-18. This will be driven by greater rolling-stock sales and lower costs from increased standardisation, as well as strengthening of the services business through a pro-active search for private-public procurement contracts, undertaking more refurbishment work and developing technology-focused activities.”