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Vinci reports 10% rise in revenue

6 Feb 20 Vinci’s results for 2019 show revenue up 10% to €48.1bn (£40.7bn), including growth across its contracting businesses.

Xavier Huillard
Xavier Huillard

Contracting was up 9% with higher business levels reported across the three business lines (Vinci Energies, Eurovia and Vinci Construction.

Organic growth in its concessions business was 6%, with the overall figure up 18%.

Vinci’s order book stood at €36.5bn on 31st December, up 10% on the previous year. There was also strong generation of cash flow during the year; 2019’s figure of €4.2bn was up €1bn on 2018.

“Vinci broke records in 2019. Business levels grew strongly both in France and abroad, earnings rose again and cash flow was outstanding,” said chairman and CEO Xavier Huillard.

“That very good performance was achieved through the hard work of Vinci’s 222,000 employees. It confirms the strength of our Concession-Contracting business model and our ability to integrate new companies successfully. The year’s main highlight was the acquisition of a majority stake in London Gatwick, the second-largest airport in the United Kingdom and the eighth-largest in Europe.”

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He added: “In Contracting, organic growth was strong in all business lines, both in France and abroad, and order intake also saw firm growth. As a result, the order book hit a new record at the end of the year. These positive developments were accompanied by wider margins, with improvements at Vinci Energies and Eurovia making up for a slight decline at Vinci Construction, caused by under activity in the oil and gas sector.”

Contracting revenue totalled €38.9bn, up 8.7%. There was organic growth of 5.1% across the three business lines, both in France and abroad. Vinci Energies’ revenue totalled €13.7bn, up 9.1% on an actual basis (up 5.0% like-for-like). Business levels remained buoyant in most countries, both in Europe (France, Benelux, Switzerland and Sweden) and further afield (United States, Africa, Brazil, Singapore, Australia and New Zealand). In addition to that firm organic growth, Vinci Energies was boosted by contributions from companies acquired in 2018, mainly PrimeLine in the United States and Wah Loon Engineering in Singapore, along with 34 new acquisitions made in 2019, particularly in the Netherlands, Germany, Spain and France.

Eurovia’s revenue grew to €10.2bn (up 14.3% on an actual basis and 6.2% like-for-like). In France (54% of the total, revenue up 8.5% like-for-like), momentum in the roadworks and urban development market remained strong, said the company. Outside France (46% of the total, revenue up 21.3% or 3.4% like-for-like), business levels were buoyant in Germany, the Czech Republic, the United Kingdom, Canada and Chile. Revenue in 2019 was also underpinned by the integration of the industrial and roadworks businesses acquired from Lane Construction in the United States in late December 2018. As a result, North America accounted for 17% of Eurovia’s full-year revenue, up from 11% in 2018.

Vinci Construction’s revenue totalled €14.9bn (up 4.9% on an actual basis and up 4.3% like-for-like). Revenue in France (53% of the total, up 4.6% like-for-like) was again supported by strong building activity in the Paris region and civil engineering works as part of the Grand Paris project. Outside Paris, performance varied between the French regions. Outside France (47% of the total, up 6.4% on an actual basis and 4.0% like-for-like), revenue rose in Central Europe, the United Kingdom, Africa and Oceania. In specialist business areas, Soletanche Freyssinet had another very good year, said the company. After the completion of several large projects in recent years, Vinci Construction Grands Projets entered a new growth phase, winning several significant contracts in the United States, Canada, New Zealand and the United Kingdom.  

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