Astaldi to set up concessions company

Astaldi has announced plans to set up a concessions company to tap greater growth in this sector.

A company statement said, "An additional boost to growth is expected from the concessions sector which will shortly benefit from the setting up of a dedicated holding company within the Astaldi Group, with the aim of bringing out and maximising the intrinsic value of assets related to this area of activity."

The company added that it would announce the timeframe and procedure for this "in the near future."

Results

The announcement came as the company published full-year results for 2009. Revenues rose +22,4% to € 1,87 billion and earnings before interest, tax, depreciation and amortisation (EBITDA) rose +15.6% to € 202 million. The company said it secured € 2,2 billion of new contracts in 2009, taking its backlog to € 8,9 billion.

Most of the company's revenue growth last year came from overseas markets, with activity in Italy accounting for only 44.9% of total revenues, compared to 51.1% in 2008. Astaldi saw most growth in the Americas and other European markets.