HS2 work boosts Vinci construction revenue overseas

Contracts won abroad now account for more than half of French construction giant Vinci’s turnover, its latest quarterly results showed.

Several major contracts won, such as on HS2, as well as motorway projects in Canada, New Zealand and Australia, completed Vinci Construction’s turnover abroad, which reached £2.53 billion. (3 billion euros) for the first quarter of 2022.

In a trade update for the Vinci Group, overseas business turnover amounted to 51% of a total construction turnover of £5bn (5.97bn euros), up 11%.

In the UK, Vinci recently won a series of projects, including a 26-storey tower in Nine Elms, south London, and several lots on a £30 billion NHS framework. The company’s work on HS2 includes £2.5bn of contracts with joint venture partner Balfour Beatty, as BBV.

The joint venture is constructing around 90km of the first phase of the HS2 road from Long Itchington in Warwickshire to central Birmingham. A separate joint venture between Balfour Beatty, Vinci and Systra has also won a £1.67 billion contract to build Old Oak Common station for HS2.

In its quarterly press release, Vinci said: “Revenue was driven by the ramp-up of several major contracts recently won, including two work packages on the HS2 high-speed line in the UK, motorway projects and railways in Canada, Australia and New Zealand, and preparatory work on the Fehmarnbelt fixed link between Denmark and Germany.”

Quarterly revenue as of March 31 was £10.8 billion (€12.8 billion), up 12% on a like-for-like basis.

Alice F. Ponder