NuGen Properties

Vinci UK tumbles to a loss

Vinci Construction UK made a pre-tax loss of £44.2m in the years to 31st December 2022 (2021: £23.6 profit) on revenue up 10% to £1,286m (2021: £1,166m).

At an operating level, 2021’s £76m profit became a loss of £28m in 2022.

Vinci Construction UK Lt d is the main trading arm of Vinci plc, principally trading  in the UK through three main business sectors: buildings, facilities and civil engineering (Taylor Woodrow), with a supplementary technology division.

The building division made a pre-tax loss of £37.3m on £551m revenue; civil engineering made a profit of £10.8m on £292m revenue; facilities management lost £31.9m on £444m revenue.

Chief executive Scott Wardrop said that the “business suffered from hyperinflation, labour shortages and a higher than usual attrition rate. All of these were influenced heavily from the cost of living crisis across the world, the war in Ukraine, covid pandemic and Brexit.”

In particular, there were two loss making contracts – fixed-price projects secured before the covid pandemic – and remedial fire and cladding works.

The loss making contracts were for University College London (UCL) and HCA Healthcare. For UCL Vinci has built its new campus in east London on the site of the 2012 Olympics village. The HCA job is a hospital in Birmingham. Both were valued at £100m at outset.

“2022 has been very difficult but we face 2023 and beyond with the full support of our shareholder, Vinci Construction SAS, as we bring together our UK group in 2023 under the Vinci Construction Holding Limited umbrella,” Wardop said.

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Dan Morten 18/01/22

Easy to work with, Jordan and the team were professional and were easy to communicate with.
Would highly recommend.

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NuGen Properties built an extension to the rear of my property, replacing the old conservatory. I am so pleased I chose this company. From the initial quotation, through the build and after they were professional, polite & well mannered. They kept the site tidy throughout the build and kept me informed of each stage as it happened. The work was finished to a good standard and I have had nothing but compliments on their work. I am already planning for them to come back and do some more work for me in a few months. I would 100% recommend them.

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