Overseas contract wins now account for more than half of French giant Vinci’s construction revenue, its latest quarterly results have revealed.
Several large contract wins, such as on HS2, as well as motorway projects in Canada, New Zealand and Australia, fulled Vinci Construction’s overseas revenue, which reached £2.53bn (€3bn) for the first quarter of 2022.
In a trading update for the Vinci group, turnover from overseas ventures stood at 51 per cent of a total construction revenue of £5bn (€5.97bn), up 11 per cent.
In the UK, Vinci has recently won a string of projects, including a 26-storey tower in Nine Elms, south London, and multiple lots on a £30bn NHS framework. The firm’s work on HS2 includes £2.5bn of contract packages with its joint-venture partner Balfour Beatty, as BBV.
The JV is building approximately 90km of the first phase of the HS2 route from Long Itchington in Warwickshire to the centre of Birmingham. A separate JV between Balfour Beatty, Vinci and Systra also won a £1.67bn contract to build the Old Oak Common station for HS2.
In its quarterly statement, Vinci said: “Revenue was driven by the ramp-up of several large contracts obtained recently, including two works packages on the HS2 high-speed rail line in the United Kingdom, motorway and rail projects in Canada, Australia and New Zealand, and preparatory work on the Fehmarnbelt Fixed Link between Denmark and Germany.”
Quarterly revenue to 31 March stood at £10.8bn (€12.8bn), up 12 per cent on a like-for-like basis.