Vinci’s Q3 revenues better pre-Covid levels

Vinci said its work on the Grand Paris Express had supported its civil engineering revenue

Vinci has published its third quarter financial results, showing revenues for the first nine months of 2021 to be €35.8 billion – up 3% compared with the same period of 2019.

In the third quarter alone, the company generated revenue of €13.2 billion, up 1% on the equivalent period in 2019.

The Paris-headquartered construction and concessions multinational highlighted the strong performance of its Construction and Energies divisions, with a nine-month combined order intake of €32.5 billion.

Moreover, the order book for these divisions stood at €45.4 billion at 30 September 2021, up 6% year-on-year. Vinci said this nine-month figure equates to 13 months of business activity on average.

Looking specifically at construction, Vinci’s revenue totalled €19.25 billion – 6% up relative to the same period in 2019 and 18% up relative to 2020.

Almost €9.5 billion of this revenue (49%) was generated by business from within France, with business levels in civil engineering remaining firm, largely due to the company’s work on the Grand Paris Express.

Outside of France, Vinci highlighted two projects on the UK’s HS2 high-speed rail line.

Vinci’s Airports business is still navigating the challenge of Covid, and revenue of €778 million represents a 60% drop from the third quarter of 2019 and a 5% drop from the same period in 2020.

The company insisted, however, that it was seeing the beginning of a recovery in passenger numbers in both the Americas and in Europe. At 59% lower than in the third quarter of 2019, Vinci said the figure represents an improvement on previous quarters of 2021, adding that the introduction of the health pass and positive developments in European tourist markets were a positive sign for the coming months.

Revenue from Vinci Autoroutes was down 3% relative to 2019, but up 18% relative to 2020. The company said traffic levels were rising by 8.9% year-on-year and are now back to pre-crisis levels.