A series of financial boosts from the West Midlands have heartened engineering giant Alstom in the third quarter – despite falling revenues in the year-to-date.
French power and transport engineering company Alstom said third-quarter sales and orders continued to improve over previous quarters and that this trend would carry on in the fourth quarter.
Sales in the three months to December 31 were £4.06 billion, down from £4.34 billion in the same period a year earlier, while orders declined to £4.08 billion from £4.58 billion.
In recent weeks the firm’s Alstom Grid operation achieved its best level of orders - £975 million – since its acquisition.
On December 28, Alstom Grid in Stafford was awarded a contract worth in excess of £200 million by the Swedish state owned utility company Svenska Kraftnät.
Chief executive Patrick Kron said: “With orders close to €5 billion (£4.17 billion), the third quarter 2011/12 extended the positive trend observed since the middle of last fiscal year. The book-to-bill ratio is above one for the fifth quarter in a row.
“Demand continues to be active in emerging markets for all sectors, whilst transport booked a large number of contracts in Europe during the period.
"With over €1 billion (£835 million) of announced awards to be booked before fiscal year end as well as the prospects on which we are working, we expect a strong fourth quarter of orders. Concerning sales, we anticipate the fourth quarter to show a marked progress over the previous ones.”