星空传媒

Vinci UK has returned to the black with pre-tax profit of 拢64m following a restructure in 2023 which was accompanied by a 拢6.3m loss.

The group has rebounded with turnover of 拢2.45bn in the year to 31 December 2024, up from 拢2.3bn in the previous year.

Its latest accounts have been published two years after a major restructure at the engineering giant鈥檚 UK business, which consolidated the group鈥檚 five subsidiaries under a new company, Vinci Construction Holding Limited.

The company鈥檚 chief executive Scott Wardrop said the restructure had been 鈥渢esting鈥� but had delivered 鈥渟ignificantly improved results鈥�, and was aiming to make the group鈥檚 performance 鈥渃omparable鈥� with Vinci鈥檚 other international divisions in 2026.

But the group鈥檚 profit has been severely dampened by a series of heavy provisions made during 2024 for subsidiaries Vinci 星空传媒 and Vinci Facilities.

These amounted to a total of 拢255m at year end, including a total of 拢88m for losses on construction projects and 拢80m for after-sales services.

The provisions brought the facilities division to an operating loss of 拢18.9m during 2024 on turnover of 拢598m. Vinci said this was the result of recognising historic losses related directly to the completion of Ministry of Justice building framework projects and the 鈥渆xtreme application鈥� of Healthcare PFI contract terms.

The group鈥檚 building arm made an operating profit of 拢10.7m on turnover of 拢606m, although its performance was hit by a loss on a student accommodation scheme secured in 2021.

Wardrop said the performance of the group鈥檚 three other subsidiaries, Taylor Woodrow, Eurovia and Ringway, had been 鈥渆xceptional鈥�, but admitted that 鈥渄ue to the impact of the significant provisions made for Vinci 星空传媒 and Vinci Facilities risks, the group鈥檚 second full year trading was suppressed鈥�.

鈥淲e are fortunate to have the full support of our board and our shareholder, Vinci Construction SAS, which has been vital to cope with the degree of reorganisation, restructuring, setting common policies and processes, while dealing with such significant legacy issues, and ensuring our five operating businesses are ready to face the challenges of the coming years in rapidly changing markets,鈥� Wardrop added.

The accounting period covers the group鈥檚 acquisition of FM Conway, which started in July 2024 and was agreed in the autumn before being formally signed in January this year.

FM Conway, which employs 2,000 people, had a turnover of 拢580m in the year to March 2024, up from 拢535m, and made a pre-tax profit of 拢29m, nearly double the 2023 number.

It specialises in road maintenance and civil engineering as well as lighting, cabling and traffic management.

Vinci has said it will run the firm as a standalone business with new arrivals to the FM Conway board including Vinci鈥檚 UK construction boss Scott Wardrop and its finance director Xavier Lansade.