Siemens Mobility sales passed the £1bn mark last year as the company waits on planning permission to start work on its new £200m train factory in Goole.
The business, which hopes to employ around 700 people at its new facility in East Yorkshire, saw its revenue more than double in the space of just 12 months – up from £457m to £1.05bn.
Operating profits also soared from £68.4m to £115.3m, as Siemens Mobility waits on planning permission from East Riding Council for its new train facility.
Directors at Siemens Mobility did however note continued Brexit uncertainty as it looked ahead, and admitted the situation was “difficult to judge.”
It said: “The uncertainty in the world’s financial markets and the ongoing uncertainty exhibited within the UK economy, partly as a result of the ongoing negotiation of Britain’s exit from the European Union, has been noted…
“The current situation over Brexit is difficult to judge and to evaluate. The potential impact on the business has been evaluated on a short-term view only.
“Due to the high level of uncertainty, the evaluation from a long-term view does not appear to be reasonable.”
Despite the Brexit turmoil, Siemens Mobility said it was confident it would continue to trade profitably over the next 12 months.
Siemens Mobility currently employs more than 2,700 people across its operations.
It hopes to increase that number by up to 700 with its new Goole train factory.
Outline plans for the new facility were submitted in April.
The state-of-the-art facility, which would initially build more than 90 new tube trains for London’s Piccadilly Line, would take up a 104-acre site on the Goole 36 Enterprise Zone.
Will Wilson, managing director of rolling stock at Siemens Mobility Limited, said: “This is a major step forward for our plans.
“With digitalisation we can help make trains and infrastructure intelligent and reaching this milestone furthers our vision to create a sustainable, long-term and technically advanced facility that is an asset to the UK.
“It’s the result of positive dialogue with the local authority, statutory bodies and other stakeholders, including community representatives.”
The factory, if approved, would include 80,000sq.m of manufacturing, commissioning, warehouse buildings and stabling sidings.
As part of the major investment in East Yorkshire, Siemens Mobility is planning to create up to 700 jobs and a further 250 during the construction period, with an additional 1,700 potential UK supply chain roles.
The application is for outline consent to enable the development to be delivered in phases, with the first phase of the manufacturing facilities expected to open in 2023.
It is anticipated the development will be fully operational in 2025.
