Vinci reports that 13 of the 17 UK civil engineering projects that it specifically targeted last year were either deferred or cancelled by clients.
In its annual results filing, Vinci describes 2019 as 鈥渁 volatile and unpredictable year for tenders鈥�. [...Hah! Let鈥檚 see what they have to say about 2020 in 12 months鈥� time...]
Despite the uncertainty in public sector project starts, Vinci plc made a pre-tax profit of 拢17.2m in 2019, up a third on 2018鈥檚 拢12.9m, while revenue was up 4% to 拢909.2m (2018: 拢873.3m).
Vinci plc is the parent company for all Vinci鈥檚 UK activities, in building, facilities management and civil engineering (through Taylor Woodrow), developments, as well as the consultancy business Vinci Technology Centre UK and the manufacturing business Conren, which makes resin surfacing and waterproofing products.
Turnover in the Building division in 2019 reached 拢429m (2018: 拢401m) mainly due to some significant contract awards in the northwest of England, and made an operating profit of 拢8.8m, at 2% margin.
Civil engineering turnover dipped to 拢165m, down from 拢213m in 2018, which was attributed to the delay in starting works on HS2.
Revenue from Facilities increased from 拢245m in 2018 to 拢295m in 2019, with operating profit from the division growing 10% to 拢8.6m.
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