The UK arm of Vinci has increased its profit almost fivefold despite its civil engineering business Taylor Woodrow making a loss.
Pretax profit for 2017 increased to £22.4m from £4.6m, though turnover was down to £870.1m from £948.8m.
Taylor Woodrow continues to be plagued by problem contracts, including the Nottingham tram project. Turnover was reduced to £205m from £269m, and its pretax loss grew to £17.7m.
Bruno Dupety, Vinci chairman, said: “Although many of our commercial challenges have been closed during 2017, the number of projects projecting an end loss has increased from two at the end of 2016 to three. One of the three can be converted back to profitability, however the same two as at the end of 2016 will remain loss-making until their completion.”
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