Strong rail performance boosts Bombardier

Bombardier, the global manufacturer which has a major rail arm in Derby, has seen profits rise by 57% rise in profits.

The firm’s Derby base powered the company on in 2017, with earnings before interest and tax for the whole of last year rising from £304m to £478.

In a statement, the Montreal-headquartered firm, said it is “moving into a strong growth cycle”.

“Bombardier closed out the second full year of its five-year turnaround plan with very strong performance,” said Alain Bellemare, president and chief executive officer, Bombardier.

He added: “2018 will be a pivotal year for Bombardier,” Bellemare continued. “We are moving out of our investment cycle and into a strong growth cycle. Our focus is on flawless execution: bringing the Global 7000 into service; delivering on our major rail projects; and closing the Airbus partnership following regulatory approvals later this year.”

The firm also said it is to take an extra 2.5% stake in its transportation business, taking it to 72.5% ownership, on the back of the strong performance.

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