First half revenues rise at Vinci

Vinci has claimed a good performance in a difficult environment for the first half of 2013, with revenues rising 4.3% to €18.7 billion but net income slipping 4.7% to €748 million.

The contractor said income was impacted by a difficult economic environment and severe weather conditions across most of Europe, as well as tax measures imposed in France in the second half of last year.

However, it said revenue growth was fuelled by sustained construction activity inside and outside of France, Vinci’s domestic market.

The company’s concessions revenue was up 1.4% for the first six months of the year to €2.5 billion, reflecting strong growth in the Airports division. Meanwhile, contracting revenues – which include Vinci’s Eurovia, Energies and Construction operations – increased 5.3% to €16.1 billion.

In France, revenues totalled €11.8 billion for the first half, up 2.7% year-on-year, while revenues generated outside France were up 7.1% to €6.9 billion, representing 37% of the total.

The overall contracting order book at the end of June stood at €31.8 billion, up €500 million since the beginning of the year.

Looking ahead, Vinci said it expected “slight” organic revenue growth to continue in the second half, but a further net income decline.