Vinci’s UK construction arm has returned to profit.
The French giant this week revealed that Vinci Construction UK made a net profit of £9.4m in the 12 months to 31 December 2016, up from a £67.6m pre-tax loss in the previous year.
Turnover in the UK construction arm was up 1.5 per cent to £931.7m in 2016.
Vinci Construction UK includes operating divisions such as Vinci Building, civils arm Taylor Woodrow and Vinci Facilities.
Meanwhile Vinci plc – which includes Vinci Construction UK as well as various small businesses such as Wrexham-based floor and wall coating specialist Conren – made a net profit of £11.1m in 2016.
Vinci plc turnover was up from £935m to £949m.
The firm said its return to profitability reflected the “satisfactory conclusion” of a number of legacy projects as well as a “more rigorous approach” to operations and selective bidding.
Bruno Dupety, chairman and chief executive of Vinci Construction UK and Vinci plc, said: “We are starting the year with a total order book worth £1.05bn and have 75 per cent of our 2017 budget secured.
“We will continue to work on improving efficiency, delivery and productivity of our operations throughout the year. We are confident the net profit will be at least at the same level in 2017.”
Vinci’s global construction revenue was down 5.6 per cent in 2016 to €13.68bn (£11.89bn).
Construction News reported earlier this year that Vinci Construction UK had won a £60m student accommodation scheme in the West Midlands.