{"id":505968,"date":"2024-09-16T11:59:19","date_gmt":"2024-09-16T10:59:19","guid":{"rendered":"https:\/\/www.constructionnews.co.uk\/?p=505968"},"modified":"2024-09-16T13:13:19","modified_gmt":"2024-09-16T12:13:19","slug":"vinci-losses-deepen-despite-turnover-leap","status":"publish","type":"post","link":"https:\/\/www.constructionnews.co.uk\/financial\/vinci-losses-deepen-despite-turnover-leap-16-09-2024\/","title":{"rendered":"Vinci losses deepen despite turnover leap"},"content":{"rendered":"

Vinci made a second consecutive loss in the UK last year, despite its turnover jumping to \u00a32.29bn.\u00a0<\/span><\/p>\n

The French construction and property giant recorded a pre-tax loss of \u00a36.4m across its UK operations in the year to 31 December, according to financial accounts for a newly consolidated holding company that incorporates Eurovia, Ringway, Taylor Woodrow, Vinci Building and Vinci Facilities.\u00a0<\/span><\/p>\n

Vinci\u2019s losses have increased slightly since 2022, when its holding company would have lost \u00a35.1m when calculated on a like-for-like basis. However, the company said it expected to have a profit margin of 2 per cent in 2024.\u00a0<\/span><\/p>\n

Scott Wardrop, chief executive of Vinci Construction Holding, said the group\u2019s loss was due to the effects of inflation, as well as \u201csignificant provisions\u201d put aside in its Vinci Building and Vinci Facilities businesses.\u00a0<\/span><\/p>\n

\u201cOur UK group has had to operate in a sustained volatile business environment, with an unprecedented period of global uncertainty coming out of the pandemic affecting global supply chains and more recently the Russian invasion of Ukraine,\u201d he said in a statement accompanying the results.\u00a0<\/span><\/p>\n

Wardrop said provisions were made for \u201cpotential risks emanating from the government\u2019s Fire Safety Act [2021]\u201d, as well as losses made on two large fixed-price construction projects \u2013 for University College London and Hospital Corporation of America in Birmingham \u2013 and a \u201ctoxic\u201d healthcare PFI agreement in Coventry.\u00a0<\/span><\/p>\n

The group employed an average of 6,502 staff during 2023, down from 6,844 the year before.\u00a0<\/span><\/p>\n

The firm also announced the appointment of Emmanuel Costes as its new managing director. This is a new position and, according to the firm, Costes was chosen \u201cfollowing his successful tenure as area director in Birmingham for the HS2 project\u201d.<\/span><\/p>\n

In August, the company announced it had<\/span> started work on a \u00a390m town centre regeneration<\/span><\/a> in St Helen\u2019s near Liverpool.<\/span><\/p>\n

Construction News<\/span><\/i> revealed in July that Vinci was the<\/span> fifth-biggest construction supplier to the Ministry of Justice<\/span><\/a>, with work for 2023\/24 totalling \u00a354.7m.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Vinci made a second consecutive loss in the UK last year, despite its turnover jumping to \u00a32.29bn.\u00a0 The French construction and property giant recorded a pre-tax loss of \u00a36.4m across its UK operations in the year to 31 December, according to financial accounts for a newly consolidated holding company that incorporates Eurovia, Ringway, Taylor Woodrow, …<\/p>\n","protected":false},"author":90383,"featured_media":437987,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false},"categories":[552,544],"tags":[],"yoast_head":"\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n