Vinci Construction UK made a pre-tax loss of 拢44.2m in the years to 31st December 2022 (2021: 拢23.6 profit) on revenue up 10% to 拢1,286m (2021: 拢1,166m).
At an operating level, 2021鈥檚 拢76m profit became a loss of 拢28m in 2022.
Vinci Construction UK Lt d is the main trading arm of Vinci plc, principally trading聽 in the UK through three main business sectors: buildings, facilities and civil engineering (Taylor Woodrow), with a supplementary technology division.
The building division made a pre-tax loss of 拢37.3m on 拢551m revenue; civil engineering made a profit of 拢10.8m on 拢292m revenue; facilities management lost 拢31.9m on 拢444m revenue.
Chief executive Scott Wardrop said that the 鈥渂usiness suffered from hyperinflation, labour shortages and a higher than usual attrition rate. All of these were influenced heavily from the cost of living crisis across the world, the war in Ukraine, covid pandemic and Brexit.鈥�
In particular, there were two loss making contracts 鈥� fixed-price projects secured before the covid pandemic 鈥� and remedial fire and cladding works.
The loss making contracts were for University College London (UCL) and HCA Healthcare. For UCL Vinci has built its new campus in east London on the site of the 2012 Olympics village. The HCA job is a hospital in Birmingham. Both were valued at 拢100m at outset.
鈥�2022 has been very difficult but we face 2023 and beyond with the full support of our shareholder, Vinci Construction SAS, as we bring together our UK group in 2023 under the Vinci Construction Holding Limited umbrella,鈥� Wardop said.
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