Vinci global turnover rises

Vinci Construction boosted its global turnover to €29.3bn (£25.9bn) in its latest financial year, new results show.

The French multinational firm saw its turnover rise by 11 per cent in the year to 31 December 2022, from £26.4bn the year before.

Earnings before interest and taxes at the firm were also up, at €6.8bn (£6.0bn), in comparison with €4.7bn (£4.1bn) in 2021.

That improvement was “driven by its international activities”, the firm said in its annual report, published this week.

More than half of Vinci Construction’s revenue came from its international work, with revenue leaping by 14 per cent in comparison with the year prior. The firm said: “Business levels were up in the Major Projects Division – reflecting progress with large contracts won previously.”

The firm’s work on the HS2 megaproject forms part of its international activities and includes £2.5bn of contract packages with its joint-venture partner Balfour Beatty, as BBV.

The JV is building approximately 90km of the first phase of the HS2 route from Long Itchington in Warwickshire to the centre of Birmingham. In August, BBV began searching for an electrical and mechanical services contractor for work on the West Midlands leg of HS2, to the tune of £30m.

A separate JV between Balfour Beatty, Vinci and Systra also won a £1.67bn contract to build the Old Oak Common station for HS2.

Across its entire business, which also includes airport operation, energy and power activities, Vinci tabled a revenue of €61.6bn (£54.55bn) in 2022, compared with €48bn (£43.69bn) the year before. The firm operates in Europe, the Americas, Africa and the Middle East.

Vinci chief executive Xavier Huillard said its performance was of a “high quality” last year, despite a “particularly turbulent geopolitical and macroeconomic backdrop”.

He added: “Vinci Construction saw very strong business levels and improved its margin, despite higher costs and supply chain difficulties.

“Its highly selective policy in taking on new business and its new organisation are bearing fruits.”