Sustained growth for FCC

11 May 2017

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The Spanish FCC Group (Fomento de Construcciones y Contratas) has reported a 12.7% increase in EBITDA (earnings before interest, taxes, depreciation & amortization) to €173 million in the first quarter of 2017, which it said reflected sustained growth in operating profitability across its business areas.

The Barcelona-based environmental services, infrastructure and water management group said that in EBITDA, there was a notable decrease of 20% year-on-year in structural and administration expenses across the group, which it said resulted from efficiency measures and synergies.

Net profit was said to amount to €21.4 million in the first quarter, contrasting with a loss of €16.7 million in the same period last year, though last year’s figure included one-off capital gains.

FCC pointed out that this result marked a sharp turnaround as a result of “progressive visibility of efficiency and profitability”, both operational and financial, of group operations.

Group revenues declined by 2.8% in the first quarter of 2017 to €1.34 billion. This was said to be mainly a result of the deconsolidation of the cement business in the US – initiated in November 2016 – and of the impact of Sterling. Adjusting for both effects, FCC said its group revenues would have increased by 2.2% year-on-year in the first quarter.

It said that at the end of the quarter, the backlog totaled €30.650 billion, which it claimed was equivalent to more than five years’ revenues.

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