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Vinci construction revenue falls

Vinci has reported an 8% drop in construction revenue in the first half of this year.

The French infrastructure giant posted income of €7bn (£4.9bn) for its construction business in the six months ended 30 June 2015. This was down from €7.6bn (£5.36bn) in the same period a year earlier.

The division’s earnings before interest, tax, depreciation and amortisation – a measure of profit – was down 16% over the same period to €243M (£171.3M).

Vinci’s group revenue fell 3% to €17.9bn (£12.6bn), while  its overall operating income from ordinary activities dipped 3% to €1.5bn (£1bn).

Chairman and chief executive Xavier Huillard, said: “Vinci’s performance in the first half of 2015 reflects the soundness of its concession-construction model, the good fit between its business activities and the relevance of its strategy.

“Concessions continued its upward trend, with traffic growth better than expected at both Vinci Autoroutes and Vinci Airports.

“In contracting, despite a marked decline in business volumes in France and certain markets affected by the fall in oil prices, operating margins held up well. In addition, the focus on international expansion in higher-growth potential markets led to two acquisitions: Orteng, a Brazilian electrical engineering company, and HEB Construction, an infrastructure construction company in New Zealand.

“Net financial debt at the end of June was down sharply year-on-year. Based on this good performance and a recent upturn in the pace of Contracting’s order intake, Vinci is moving into the second part of the year with confidence.”

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