Vinci "satisfied" with six month performance

Interim results released by Vinci today (Friday) for the six months ending 30 June have revealed a satisfactory performance despite the difficult trading conditions currently being faced throughout the industry.

A turnover of £257m was achieved compared to a full year turnover of £451m in 2002.  A gross operating profit of £3.5m and a post-tax profit of £4.6m compare to 2002 full year results of £6.8m and £11.1m respectively.

The Group continues to face pressure from higher construction costs that emanate from a number of factors not specific to the construction sector:  decline of the stock market; increasing pension liabilities, insurance premiums and national insurance charges. 

However, the company still expects to increase output in 2003 compared to last year, albeit at less favourable margins.