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Mon May 16 2022

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Vinci sees single-digit decline in the UK

20 May 21 Despite the impact of the Covid-19 pandemic, lockdowns and site closures, Vinci’s UK construction interests appears to have been remarkably unaffected overall.

Vinci is building a new drain under Chester city centre
Vinci is building a new drain under Chester city centre

Vinci plc – which includes Vinci Construction UK, Vinci Facilities, Taylor Woodrow, Conren and Vinci UK Developments – saw only single-digit declines in turnover and profit for the year to 31st December 2020.

Revenues for Vinci plc fell less than 6% to £858.5m (2019: £909.2m) while pre-tax profit was down only 5% to £16.2m (2019: £17.1m).

The French-owned company ended the year with net assets of £76.9m (2019: £90.6m).

Building division turnover in the UK fell in 2020 to £381m (2019: £429m), primarily due to the pandemic delaying projects and contract awards. Vinci also suffered two project cancellations.

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Civil engineering turnover (Taylor Woodrow) was up 4% to £172m (2019: £165m) but was down on the budgeted £201m due to the delayed start of HS2. Taylor Woodrow has secured £1bn of HS2 work over the next six years, with the N1 and N2 main work civils contract.

Vinci Facilities’ revenue of £86m in 2020 was 27% ahead of budget.

Chief executive Gilles Godard said that what Covid took away from the business with one hand, it delivered with the other. “Whilst the pandemic has impacted our clients in the retail and accommodation and catering industries very hard, we have also been in a position to help our clients in the health sector, and in particular the NHS to fight the battle against the virus. As a result our divisions have generated a positive margin in 2020.”

He added: “Overall, the business managed to achieve a net result of 1.8% and maintained its cash position above £250m. Bidding opportunities are strong and, as a result of the formal award of the HS2 N1 + N2 main civils work, our order book exceeds £2bn.”

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