Margin hits 4%, exceeding group’s 3.5% target

Profit at the UK business of Spanish giant Ferrovial was up by nearly 80% last year, the firm’s latest report and accounts show.

Ferrovial Construction saw pre-tax profit rise 79% to £25m on turnover up flat at £498m.

The firm said an operating profit of £21m gave it a margin for the year of 4% which it said meant the firm “exceed[ed] the Ferrovial Group’s long-term target for its construction division companies of a margin of 3.5%”.

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Ferrovial’s turnover in the UK last year was just under £500m

It said that its year-end cash balance was up to £152m from £131m last time while its order book was up 26% to £1.7bn.

Former boss of the UK business Karl Goose stepped down in June ahead of his appointment as chief executive of Keltbray.

Goose had been with Ferrovial for more than 25 years after joining Amey, which Ferrovial bought in 2003, in 1998.

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