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Wed July 17 2019

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Vinci’s contracting revenue grows

8 Feb Vinci’s revenue grew 8.1% last year to €43.5bn (£39.2bn), with contracting up 9%.

Vinci chairman and CEO Xavier Huillard
Vinci chairman and CEO Xavier Huillard

The rise in contracting was on the back of a strong increase in business volumes and order intake at Vinci Energies and Eurovia and stabilisation at Vinci Construction, said the company.

Concessions revenue grew 4.6% with passenger numbers up at airports but a slight decline in motorway traffic at Vinci Autoroutes because of the disruption in France at the end of the year.

Contracting revenue amounted to €35.8bn, up 9.0% on an actual basis or 3.4% like-for-like.  Vinci Energies’ revenue rose sharply to €12.6 billion (up 17.1% on an actual basis or 4.6% like-for-like). In France, momentum was good in all business areas - building solutions, infrastructure, industry and ICT – said the company. Outside France, revenue increased 30.4% on an actual basis or 5.4% like-for-like, and accounted for 54% of total revenue.

Chairman and CEO Xavier Huillard said: “Vinci’s performance in 2018 was outstanding and reflects the strength of its concession-construction business model, both in France and abroad.

“In contracting, there was strong growth in revenue and order intake at Vinci Energies and Eurovia, both of which stepped up their international development, particularly through two large acquisitions in the United States. Vinci Construction, which also saw growth in its order book, stabilised its business levels while focusing on improving profitability.”

Vinci Airports now manages 45 airports. Later this year it will include Gatwick in its portfolio, on completion of the process to acquire a majority stake. Gatwick, which handled 46 million passengers last year, will be the largest asset in the Vinci Airports portfolio.

Huillard added that the group is confident moving into 2019 and is projecting further growth in its revenue and net income.

Vinci Construction generated revenue of €14.2bn. In France, where revenue accounted for 54% of the business line’s total revenue, there was 2.5% growth like-for-like. Outside France, revenue declined 0.2% on an actual basis (including a 2.2% decline like-for-like) and accounted for 46% of total revenue. There was growth in Central Europe and Asia-Oceania - attributable to the Australian subsidiary Seymour Whyte, acquired at the end of 2017 - together with an upturn in Africa. Revenue stabilised in the United Kingdom and fell in business activities in the oil and gas sector. The major projects division, meanwhile, is starting a new cycle after the completion of several large projects.

Eurovia’s revenue rose significantly to €8.9bn (up 10.1% on an actual basis or 7.3% like-for-like). In France, revenue increased 8.5% like-for-like, boosted by the upturn in demand for roadworks and urban development. It accounted for 56% of the business line’s total revenue. Outside France, there was brisk business in Germany, Central Europe, Canada and Chile.  

Eurovia strengthened its position in North America with the acquisition of the assets of TNT, a Quebec-based group that operates a quarry and asphalt production units in the Montreal region. It als bought Lane Plants & Paving, the industrial and roadworks division of Lane Construction in the United States. With the acquisition, Eurovia has doubled its size in the United States and become a leading roadworks company on the east coast, with a revenue of approximately US$1.2bn.

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