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Wed June 29 2022

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Ferrovial UK posts strong profit growth

28 Mar Ferrovial Construction (UK) has posted financial results for 2021 showing strong growth in both turnover and profits.

Adebayo Sobitan, a section engineer with Ferrovial Construction (UK) working at Heathrow Airport
Adebayo Sobitan, a section engineer with Ferrovial Construction (UK) working at Heathrow Airport

The Spanish owned contractor saw its UK revenue grow by 19% in the year to 31st December, reaching £456m compared with £381m in 2020 and £345m in pre-Covid 2019.

Operating profit was up from £1.0m in 2020 to £5.6m in 2021 and pre-tax profit increased up from £1.5m to £5.4m.

Ferrovial Agroman (UK) – as it was then – had made pre-tax losses in 2018 and 2019 of £11m and £31m respectively, so the 2021 results mark a resurgence for the business.

The company said that its 2021 results “demonstrate the financial position of the company going from strength to strength”. Net cash balance increased from £158m to £195m during the year. The order book is steady at £1bn. 

More than half Ferrovial Construction (UK)’s turnover is from the rail sector, bringing in £245m in 2021; £91m came from the water sector and approximately £45m from each of airports and highways £45m.

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The publication of results for its UK construction business follows the recent announcement that the global business increased revenue by 5.4% in like-for-like terms to €6,778m (£5.7bn) in 2021 due to the contributions from its Cintra toll roads business as well as construction.

Ferrovial Construction (UK) managing director  Karl Goose said: “It’s excellent to see the result of the team’s hard work, confirming that we continue to head in the right direction despite the challenges of the pandemic. Infrastructure’s role in the UK’s economic recovery is clear and we are focused on sustainably contributing to this now and long into the future to support our clients, supply chain, and the communities where we work. 

“Our growing and diverse team remains at the heart of our business and we will continue to prioritise their development, career progression and their health and wellbeing. Our early talent community will form 25% of our employee base by the end of 2022 with 62% of this year’s graduate intake from a Black or Asian background.

“Our focus for the year ahead will be to continue to bring innovation and excellent delivery to our clients and the sector, ensuring we hit our carbon reduction targets as approved by the Science-Based Targets initiative as we work with industry to achieve carbon neutral construction.”

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