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Steady quarter at Vinci

7 Nov 11 Vinci has reported that business remained steady in the third quarter following strong growth in the first half of 2011.

Year-to-date consolidated revenue amounted to €26.9bn (£23.1bn), up 11.6% against the same period in 2010. Organic growth and the impact of acquisitions - mainly Cegelec, Faceo and Tarmac - contributed equally to the increase.

The growth earlier in the year had been due mainly to the consolidation of Cegelec and Faceo in the energy business line and favourable weather conditions.

Vinci said that commercial activity was very vigorous despite the troubled economic climate. It won a number of new domestic and international contracts in the period. The order book remained at the record level achieved at the end of June following the signature of the Tours–Bordeaux high-speed rail line contract.

Net financial debt at 30 September was down against the 30 June figure thanks to an improvement in operating cash flow over the quarter.

The company said that the latest figures reinforce its current market guidance for full-year 2011 revenue growth of about 7%.

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Vinci’s third quarter 2011 consolidated revenue was €9.6bn, up 2.6% compared with the third quarter of 2010. On a comparable structure basis, growth was 1.5%, reflecting the performance of concessions (+3.1%) and growth in contracting (+1.8%), despite a high 2010 comparison base.

Revenue in France increased 5.5% while international revenue declined 2% on an actual due to contrasting situations in geographical areas and countries.

Revenue generated by concessions rose 4.3% to €4.1bn. In contracting – which covers the energy business line, Eurovia and Vinci Construction - revenue increased 13.4% to €22.9bn on an actual basis.

International revenue increased 9% to €9.7bn on an actual basis (+2.9% on a constant consolidation and exchange rate basis) and represented 36% of total revenue.

The order book at 30 September 2011 stood at €30 billion, the same record level achieved at the end of June 20112. It has increased 16% since the beginning of the year and 13% over a 12-month period and represents about 12 months of average business activity.

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