Revenues dip but order book strengthens at Vinci

Vinci reported 2009 full year sales of € 31,9 billion, down -4,6% on its 2008 revenues of € 33,4 billion. Despite the small decline, the world's largest contractor saw its order book grow +4% through the year to reach € 24 billion at the end of December 2009, up from € 23,2 billion 12 months earlier.

All of the Group's divisions saw declines in sales during 2009 with Vinci Construction recording a -7,5% drop to € 14,5 billion, down from € 15,7 billion 12 months ago.

In its home market, construction sales dropped -11,4% to € 7,2 billion, down from € 8,2 billion in 2008. A statement attributed the drop in sales in France to a decline in building activities and the completion of several major projects including the A19 motorway and the Rhine-Rhone high speed rail line. Outside of France, sales were more resilient with the construction division recording a decline of -3,1% to € 7,2 billion, down from € 7,5 billion 12 months ago.

A statement said that while building activities in Belgium and Central Europe were affected by the fall in the market, business in the UK held up well following the acquisitions of Taylor Woodrow and Haymills. The division also benefitted from the strength of the infrastructure market and the oil and gas sector, especially in the Middle East.

At the end of December Vinci Construction's order book stood at € 15,8 billion, down -2% on the 2008 figure of € 16 billion.

Vinci Energies recorded a decline in sales of -6% to € 4,3 billion, down from € 4,6 billion a year ago, while Eurovia reported a -2,2% drop in sales to € 8 billion, down from € 8,1 billion 12 months ago.