Contractor Vinci saw its operating profit fall from £28.4M to £22.3M (before exceptional items) in 2011, a drop of almost 22%, it said last week.
Turnover increased 8% compared with 2010 and came in at £1.11bn entirely arising from growth in existing activities, it said. This principally came from the Taylor Woodrow Division in civil engineering as well as an increase in market share by its building division and a steady performance in facilities management.
Vinci said the fall in operating profit represented a “good performance in the continuing difficult market conditions”.
Net cash generation of £3M (after PFI investments of £15M and dividends paid of £5M) increased cash balances at the year end to £156M up from £150M in 2010.
“In the current difficult economic climate, these are encouraging results, we are confident that the combination of our financial strength, market leading positions and our company heritage will ensure our continuing success in 2012 and beyond,” said Vinci chief executive John Stanion.