Revenue at French giant nudges £55bn mark

French giant Vinci said income last year jumped 25% to nudge the €62bn (£55bn) mark.

In results published yesterday, the construction and airports group said 2022’s income of € (£54.5bn) was 28% up on the €48bn (£42.5bn) it posted in 2019 – before the pandemic hit.

Revenue at its construction arm, its biggest division, was up 11% to €29.3bn (£26bn) last year, with 55% of its business, €16.2bn (£14.3bn) coming from outside France.

old oak 1

Source: HS2 Ltd

Vinci is working to build a new station Old Oak Common, which will be finished several years before Euston. It will be the initial start and finish point of HS2 in the capital when it opens in 2028

It said business from its major projects division was on the rise which it said “reflect[ed] progress with large contracts won previously”. This includes work on its HS2 schemes, including the Old Oak Common station it is building with Balfour Beatty.

Operating profit at the group was up 45% to €6.8bn (£6bn), beating the pre-pandemic number of €5.7bn (£5bn). The construction arm last year made an operating profit of €1.1bn (£974m), a rise of 14% on last time, with margins edging up from 3.7% to 3.8%.