Vinci has broken through the 拢1bn barrier in 2008 after its 拢74m acquisition of Taylor Woodrow last September
Announcing a 29% jump in turnover from 拢778m to 拢1.02bn in the year to 31 December 2008, the French company鈥檚 UK operation was boosted by a 拢207m contribution from the former Taylor Wimpey arm (see chart).
Its move into the 拢1bn turnover bracket follows similar jumps by contractors Rok and Wates this year.
Pre-tax profit at the company fell by 9% from 拢17.8m to 拢16.2m, which the company said was owing to less profitable contracts compared to the previous year.
Net cash at 31 December was 拢137m compared to 拢152m in 2007, a drop that followed dividend payments of 拢20m and three acquisitions that also included Cardiff-based Stradform and Newcastle upon Tyne social housing company Gordon Durham.
Vinci retains a strong position thanks to its balance sheet and cash holdings
John Stanion, Vinci
John Stanion, chief executive, said: 鈥淰inci retains a strong position thanks to its balance sheet and cash holdings. We therefore believe the company is well placed to ride out the current economic downturn.鈥�
It also emerged this week that former Taylor Woodrow managing director Tim Peach had joined specialist elevation and fit-out contractor MPG. He left shortly after the Taylor Woodrow deal but only signed with the 拢75m-turnover London firm last month.
Earlier this year the company consolidated all of its UK contracting operations under the Vinci Construction UK banner, a move that resulted in more than 100 redundancies 鈥� more than 3% of its 3,200 staff.
Last month the French parent company announced a 10% jump in turnover from 鈧�30.3bn (拢28.1bn) to 鈧�33.5bn (拢31bn).
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