France's Vinci confident on 2020 after 15% profit rise [Reuters]
VINCI SA UNSP/ADR (VCISY)
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Source: Reuters
France's Vinci confident on 2020 after 15% profit rise PARIS (Reuters) - Motorways and airports operator Vinci ( SGEF.PA ) said on Wednesday that despite uncertain geo-political conditions it was going into 2020 with confidence. The French firm reported a 10% rise in 2019 revenue, and said it expects sales and profits to grow further in 2020 though at a more limited pace due to a high comparison basis. Its operating profit rose 15% to 5.7 billion euros ($6.29 billion) on sales of 48.1 billion euros driven by a strong airport and motorway concessions business. The results “confirm the strength of our concession-contracting business model and ability to integrate new companies successfully,” Chairman and CEO Xavier Huillard said in a statement. Vinci, which added London’s Gatwick airport to its portfolio last year after buying a majority stake, has been focusing on concessions in this field and in motorways, as well as engineering projects in the energy sector. Its construction unit -
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