Home market hits Vinci
By Chris Sleight13 May 2009
Vinci's revenues for the first quarter of the year were down -2,6% on the same period last year to € 7,0 billion. A +4,2% rise in revenues from outside France were not enough to offset a -6,2% fall in activity on the company's home market.
The most striking fall was seen at Vinci's road building division, Eurovia, where revenues fell -12,1% to € 1,31 billion in the first quarter. Poor weather and the unfavourable economic climate were blamed for the -12,6% fall in France, while exchange rate losses played a part in the -11% decline in revenues from outside France. However, Eurovia has seen its order book grown some +13% in the last three months to € 5,4 billion.
The only business uynit that saw revenues rise in the first three months of the year was Vinci Construction, which contributes more than half of the group's sales. It's revenues hit € 3,57 billion in the first quarter of the year, a +1,9% rise on the first quarter of 2008.
Despite a -3,9% decline in revenues from France, Vinci Construction saw a +8,5% rise in business outside its home market. One of the contributing factors to this was the addition of Taylor Woodrow Construction in the UK.
Vinci is the world's largest construction company.