Vinci has broken through the £1bn barrier in 2008 after its £74m acquisition of Taylor Woodrow last September
Announcing a 29% jump in turnover from £778m to £1.02bn in the year to 31 December 2008, the French company’s UK operation was boosted by a £207m contribution from the former Taylor Wimpey arm (see chart).
Its move into the £1bn turnover bracket follows similar jumps by contractors Rok and Wates this year.
Pre-tax profit at the company fell by 9% from £17.8m to £16.2m, which the company said was owing to less profitable contracts compared to the previous year.
Net cash at 31 December was £137m compared to £152m in 2007, a drop that followed dividend payments of £20m and three acquisitions that also included Cardiff-based Stradform and Newcastle upon Tyne social housing company Gordon Durham.
Vinci retains a strong position thanks to its balance sheet and cash holdings
John Stanion, Vinci
John Stanion, chief executive, said: “Vinci retains a strong position thanks to its balance sheet and cash holdings. We therefore believe the company is well placed to ride out the current economic downturn.”
It also emerged this week that former Taylor Woodrow managing director Tim Peach had joined specialist elevation and fit-out contractor MPG. He left shortly after the Taylor Woodrow deal but only signed with the £75m-turnover London firm last month.
Earlier this year the company consolidated all of its UK contracting operations under the Vinci Construction UK banner, a move that resulted in more than 100 redundancies – more than 3% of its 3,200 staff.
Last month the French parent company announced a 10% jump in turnover from €30.3bn (£28.1bn) to €33.5bn (£31bn).