Stadler’s revenue grew by 60% during the year to SFr 3.2bn compared with SFr 2bn in 2018. However, this was lower than expected due to postponements and extra costs for individual orders, in particular its contract with British franchisee, Greater Anglia.
In addition, while increasing its Ebit result, the Ebit margin was around 6% lower than in 2018 and failed to meet expectations due to the project delays as well as recent investments in new technologies, which Stadler has been able to bring to market faster than expected.
These projects include digitisation initiatives, new hydrogen and battery drive technologies for Flirt multiple units as well as a new LRV platform for Darmstadt. In addition, Stadler has experienced some extra costs for individual orders, particularly in connection with the Greater Anglia project and staff expansion as well as distortions in the Swiss Franc to Norwegian krone and Swedish krone exchange rates.
A total of 444 deliveries took place during the year, up 80% on 2018, while Stadler increased its headcount by 2000 employees, or 25%. Introductory training of new employees lead to higher expenses.
In 2020, Stadler expects to again report double-digit revenue growth. However, higher investment and extra costs will continue to impact margins.
The board of directors is set to propose dividend payments of SFr 120m or SFr 1.20 per share at the company’s Annual General Meeting on April 30.
