Vinci UK profit soars to £39m as old disputes settled

Aaron Morby 14 years ago
Share

Vinci has settled several long standing Taylor Woodrow contract disputes boosting pre-tax profits in the UK to £39.1m compared to £15m last time.

The deals brought in exceptional profit gains of £8m, although turnover fell 12% to come in at just over £1bn as the market tightened.

Chairman and chief executive John Stanion said: “The private sector is showing tangible signs of recovery and investment in retail and in the south east commercial building market is looking more encouraging.”

But he warned: “I anticipate though that market conditions will not improve much in 2011 and we face testing times for some time yet as the spending cuts feed through.”

Despite a tough year savings from integrating contracting businesses slashed overheads 13% to £83m.

The firm now boasts a group wide operating margin in the UK of 2.8% helped by a strong performance from civil engineering.

Vinci has also consolidated the building division into three operating regions North, South and Midlands, and Wales.

    Vinci UK divisions

    Building: profit £13.2m (£4.4m), turnover £546m (£632m)

    Civils: profit £21.8m (13.6m), turnover £179m (£237m)

    FM: profit £5.1m (£1.8m), turnover £220m (£210m)

    Other: loss -£1.0m (-£4.4m), turnover £81m (£83m)

Latest news

Willmott Dixon wins Great Yarmouth waterfront deal

North Quay 10.5 acres mixed-use scheme to advance
18 hours ago

Care home fire trial collapses

Prosecution withdrawn against four firms including Morgan Sindall Property Services
18 hours ago

Eight take key spots on £250m Prosper framework

Housing and public building upkeep deal for North East awarded
18 hours ago

McLaren storms April contracts league with flurry of wins

Cardiff Bay Arena job headlines a series of big contract wins
22 hours ago

Balfour Beatty lifts cash forecast after strong first quarter

Contractor set to hit £1bn average monthly net cash in 2025
22 hours ago

Goldman Sachs-owned Adler & Allan buys 180-strong civils outfit

West Country's Glanville Environmental gets new owner
22 hours ago

Caddick lands first contract for £200m Skelmersdale revamp

Developer gets green light for masterplan
23 hours ago

Van Elle sells HGV fleet to haulage firm

WS Specialist Logistics pays £2.9m to take on fleet and drivers
22 hours ago

Buyers more bullish about prospects for year ahead

Residential "resilient" but commercial work a weak spot
2 days ago

Council backs first Brutalist car park-to-flats scheme

Newcastle-under-Lyme multi-storey car park to be reborn as pioneering homes scheme
2 days ago

Hinkley Point C hits peak build with 26,000 jobs

3,000 more workers to join as fit-out work ramps up
2 days ago

Over 40 firms win Wessex Water M&E minor works deal

Broad sweep of specialists picked for AMP8 programme
2 days ago

Spencer lands Scottish bridge hat-trick

Steelwork, gantries and bearing upgrades on Kessock, Forth and Tay crossings
3 days ago

Winners revealed for £1.5bn decarbonisation deal

Fusion21 confirms places for 40 firms: Full list
2 days ago

Cladding firm fined £225,000 after fatal fall

Court hears how cherry picker didn't reach all parts of repair job
2 days ago

Early call-out for Ebbsfleet Garden City infrastructure

Bidders day to set out plan for Ebbsfleet Central commercial scheme
2 days ago

Completed buildings caught-up in Gateway 2 chaos

Developer distraught after dealing with Building Safety Regulator
3 days ago

Aviva submits plans for 34-storey City office tower

Subject to planning work to start in autumn 2027
3 days ago

Murphy takes 40% stake in Aussie civils contractor

Firm enters Australasian market with stake in Sydney-based contractor Abergeldie
3 days ago

Moat seeks firm for £420m repairs and maintenance deal

15-year deal to upkeep 20,000 south east homes
3 days ago

Lynch takes over hotel for Sizewell plant operators

Hire giant now in the hotel business to guarantee accommodation for workers
3 days ago

Subcontractors wanted across Scotland

Latest Constructionline event in Glasgow: Register now
3 days ago

Six guilty of £2m bribery over Devon housing site deals

Corrupt building bosses and E.ON project chief and QS sentenced
1 week ago

1,650 former ISG staff launch legal claims

Redundancy Payment Service facing payout of more than £9m
1 week ago

Plans lodged for £1bn cancer research centre in Sutton

London Cancer Hub will deliver around 1m sq ft of lab and research space
7 days ago

London Met Uni seeks firm for £284m estate revamp

Contractor wanted to deliver capital works and FM
7 days ago

Delayed £2bn estate rebuild back on as Berkeley signs deal

Birmingham council development agreement paves way for 2028 Ladywood start
1 week ago

Tilbury Douglas boosts margin to 2.1% as profits double

Firm targets 3.5% margin by 2029 under new business plan
1 week ago

Subbies battle for fastest bricklayer title

Winchmore management team go back on the tools
1 week ago

Green light for revised McLaren Reading revamp

Mixed-use plans to transform Broad Street Mall site
7 days ago

Contractor services