Following strong growth in the first half of 2011, international construction group VINCI has reported that business remained steady in the third quarter, while business remains brisk in the UK.
Year-to-date revenue amounted to €26.9bn (£23.1bn), up 11.6% against the same period in 2010.
In a statement issued this morning, VINCI attributed the growth earlier in the year mainly to the consolidation of Cegelec and Faceo in the energy business line and favourable weather conditions. Compared with the third quarter of 2010, the rate of growth was more moderate due to the limited impact of external growth over the quarter.
VINCI’s order book for the period remained at the record level of €30 billion achieved at the end of June 2011 following the signature of the Tours–Bordeaux high-speed rail line contract - a 16% increase since 1 January 2011. Over a 12-month period the order book has increased 13%, representing about 12 months of average business activity.
In September, VINCI Construction Grands Projets won a €108 million contract to build wastewater collection, transfer and treatment systems in five Dominican Republic cities.
VINCI’s third quarter 2011 consolidated revenue was €9.6 billion, up 2.6% compared with the third quarter of 2010.On a comparable structure basis, growth was 1.5%, which VINCI said reflected the good performance of Concessions (+3.1%) and organic growth in Contracting (+1.8%) despite a high 2010 comparison base.
Revenue in France increased 5.5% (+4.2% on a comparable structure basis). However, international revenue declined 2% on an actual basis (down 2.7% on a comparable structure basis) due to contrasting situations in geographical areas and countries.
Year-to-date consolidated revenue amounted to €26.9 billion(1), up 11.6% against the same period in 2010, with organic growth (+6.0%) and the impact of Group acquisitions (mainly Cegelec, Faceo and Tarmac) contributing equally to the increase.
Revenue generated by Concessions rose 4.3% to €4.1 billion on an actual and comparable structure basis. In Contracting (Energy business line, Eurovia and VINCI Construction), revenue increased 13.4% to €22.9 billion on an actual basis (+6.6% on a comparable structure basis).
"Business brisk in UK"
The statement said that although events in North Africa and Greece’s difficulties have had an impact on VINCI Construction Grands Projets and Entrepose Contracting since the beginning of the year, business was brisk at Soletanche Freyssinet and Sogea Satom, as well as at VINCI plc in the United Kingdom.
In October, VINCI signed two contracts for the design and build of waste-to-energy waste treatment facilities in the United Kingdom, worth a total of more than €380 million.
The business line’s order book at 30 September 2011 was €17.9 billion (including €3.2 billion in respect of LGV SEA). It increased almost 24% since the beginning of the year (+22% over 12 months) and represented more than 15 months of average business activity for VINCI Construction
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