Vinci Q1 revenues rise
By Helen Wright03 May 2011
Contractor Vinci reported a +25% year-on-year increase in first quarter revenue to € 7,7 billion, fuelled by acquisitions and growth in the company's contracting and concessions businesses.
The company said its 2010 acquisitions of electrical engineering group Cegelec, European facilities management company Faceo and the purchase of 100 quarries from Tarmac contributed € 800 million to first quarter revenues.
Vinci also reported a +11,9% increase in revenues in its construction business to € 3,1 billion during the first quarter, while its concessions business grew +5,6% year-on-year to reach € 1,1 billion, and its contracting business grew +11,2 % with revenues of € 6,5 billion.
Vinci's results for the first three months of the year were also boosted by mild weather during the period, in contrast to the particularly severe weather conditions during the winter of 2010, which Vinci said had a strong negative impact on its contracting businesses in Europe and North America.
Overall, Vinci reported a +23,4% increase in first quarter revenues from its domestic French market to € 5 billion while revenues recorded in the rest of the world increased by +29,2% to € 2,7 billion.
Vinvi said its order book had increased +3% since 31 December last year to € 26,6 billion at 31 March, 2011.
The company added that the positive first quarter results had "bolstered" its growth target of at least +5% for the full year.