Vinci has announced an increase in pre-tax profits of more than double in the company’s 2010 annual results, despite a fall in turnover.
The company made a profit before tax of £39.1M, compared to £15.4M in 2009, an increase which the company attributes to a number of Taylor Woodrow projects being concluded.
Turnover was £1.03bn, a fall of 12% from £1.16bn in 2009. The company said that the drop reflected market conditions but was minimised by its business model “which combines short term contracting with long term frameworks and facilities management”.
The statement said: “We are confident that the combination of our financial strength, market leading positions and our company heritage will ensure our continuing success despite the challenging times we continue to operate in.
“The majority of our operations are now contracted within VINCI Construction UK to enable the Group to present its activities in a unified manner to the market, whilst continuing to develop excellent local knowledge through our regional activities. We continue to derive great value from the name and heritage of Taylor Woodrow which provides national recognition and expertise in specialist sectors such as retail, energy and rail.”