Vinci Q3 revenue rises on acquisitions
By Helen Wright10 November 2010
Vinci reported a +15% increase in third quarter revenue year on year to € 9.7 billion. It benefitted from favourable exchange rate movements and saw positive impact from acquisitions.
This year, the expansive company's major acquisitions have included mechanical and electrical engineer Cegelec, service sector maintenance specialist Faceo and some 100 quarries from Tarmac, a subsidiary of mining company Anglo American.
The trio of acquisitions combined to account for total revenue of € 800 million during the quarter, according to the Paris-headquartered company.
And external growth contributed +6.2% to the +6.9% increase that Vinci reported in consolidated revenues for the nine months ended 30 September. The figure stood at € 25.2 billion, against € 23.9 billion over the same period last year.
In France, nine-month 2010 revenues amounted to € 15.2billion, up +4.3% against the same period in 2009, while revenues outside France rose +11.2% to € 10 billion.
And Europe's largest contractor also reported good commercial momentum going forwards with a +18% increase in its order book since 1 January to € 28.3 billion.
The company pointed out that its order book figures do not yet include the latest infrastructure concession contracts won by the group, which consist of the South Europe Atlantic high-speed rail line, Notre Dame des Landes Airport and the Olympic Stadium in Nice.
The company expects to report an increase in consolidated revenue of +5% at year-end, while it anticipates operating profit to be maintained at 2009 level.
Vinci said the results had "bolstered" its 2010 annual targets.