French infrastructure group Vinci posted third-quarter sales that surpassed pre-pandemic levels. Europe’s biggest construction and concessions firm posted quarterly sales up 7.8%. This is in line with analysts’ forecasts and exceeding the 13.13 billion euros it generated in 2019. Vinci has benefited from several large construction works. But labor shortages and high raw material costs have forced it to consider delaying some projects.
Vinci’s finance chief Christian Labeyrie said that though some projects, in agreement with customers, could be pushed from this year into 2022. It would not impact the firm’s net profits. Also added that they are big enough in a call. Also, they spoke about the group’s core construction business. They aren’t looking for more volume, but for better quality orders to improve their profit margin. Despite the introduction of a European Union-wide COVID vaccine certificate, business at Vinci’s smaller airports arm remained sluggish.
Revenues from Vinci’s airports division including London’s Gatwick Airport, came down almost 55% from 2019. The group confirmed its previous guidance that 2021 earnings would not recover to pre-pandemic levels. It said its energy infrastructure and construction businesses should see full-year growth. The company has not given specific financial forecasts.
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