Proifit soars 154% to £39.1m
Vinci has seen its turnover drop by 12 per cent over the last financial year from £1.16bn to £1.03bn.
In a statement the company blamed the decline in revenues on market conditions, but said that the impact was minimised by its business model “which combines short term contracting with long term frameworks and facilities management. “
The statement continued: “We are confident that the combination of our financial strength, market leading positions and our company heritage will ensure our continuing success despite the challenging times we continue to operate in.”
At the same time profit increased by 154% from £15.4m in 2009 to £39.1m last year.
The company said that the majority of its operations are now contracted under the Vinci Construction UK brand, three years after it acquired Taylor Woodrow for £74m in a move that immediately contributed to 29% turnover growth in 2008.