VINCI UK profits surge as highways businesses power post-restructure growth

VINCI’s reshaped UK construction and infrastructure operation has reported a sharp increase in profitability, with strong contributions from highways, civil engineering and newly acquired FM Conway helping pre-tax profit climb by 51% to almost £100 million.

The results provide the first clear indication of the scale of VINCI's increasingly integrated UK infrastructure business following a major corporate reorganisation.

Revenue, including joint ventures, increased by almost 20% to £2.9 billion during 2025, as Eurovia, Ringway, Taylor Woodrow, VINCI Building, VINCI Facilities and FM Conway were brought together under the VINCI Construction Holding UK structure.

Profitability improved at an even faster rate, with the group's operating margin rising from 1.7% to 3.5%.

The improvement was supported by stronger returns from Taylor Woodrow, a return to profitability within the facilities management operation and a substantial first-year contribution from FM Conway.

Highways operations deliver strong returns

Highways and infrastructure businesses were among the group's strongest performers.

Ringway, VINCI's highways maintenance specialist, generated £551 million of revenue and an operating profit of £26.7 million, representing a 4.8% margin.

Despite revenue falling 2.5%, it remained the strongest operating profit contributor among VINCI's established UK businesses.

Eurovia recorded a 5.6% operating margin, generating £11.4 million of operating profit from revenue of £202 million.

Civil engineering specialist Taylor Woodrow also improved its performance. Revenue increased 1.8% to £388 million while operating profit rose from £17 million to £19.3 million, delivering a 5% margin.

Together, the figures underline the importance of roads, highways maintenance and major civil engineering to the performance of VINCI's enlarged UK operation.

FM Conway makes immediate impact

The biggest individual contribution came from FM Conway, which VINCI acquired at the end of January 2025.

The infrastructure services and highways business contributed £569 million of revenue and £38.7 million of operating profit from the point of acquisition.

Its operating margin of 6.8% was the highest among the six principal businesses.

The addition of FM Conway also significantly increased VINCI's UK workforce, with overall headcount rising by more than a third to almost 9,000 employees.

Bringing FM Conway together with Ringway and Eurovia gives VINCI a particularly substantial presence across the UK roads market, spanning highways maintenance, surfacing, materials, infrastructure services and associated operations.

Building businesses face legacy pressures

Performance was more restrained within VINCI's building and facilities operations.

VINCI Building generated revenue of £525 million, down 13.4%, and operating profit of £10.5 million, producing a 2% margin.

VINCI Facilities recorded £581 million of revenue and £11.5 million of operating profit, also representing a 2% margin.

Together the two operations generated more than £1.1 billion in revenue, although VINCI said legacy project risks continued to constrain profitability.

The contrast leaves scope for further improvement if those historic pressures can be worked through while stronger-performing infrastructure operations maintain their momentum.

VINCI targets further margin growth in 2026

Chief Executive Scott Wardrop credited management teams and employees across the six businesses for delivering the performance during a period of significant organisational change.

He said:

“We have all endured significant change in our careers, but this intense period is unprecedented.“However, we are optimistic, and we have three-year plans for each business and each business unit, and plan to deliver +4.0% in 2026.”

Wardrop said the business would continue to evolve through optimisation, innovation and transformation as it develops into what he described as a strong and resilient UK infrastructure group.

The ambition to exceed a 4% margin in 2026 would represent another significant step following the increase to 3.5% last year.

With £2.9 billion of revenue, almost 9,000 employees and an enlarged highways portfolio following the addition of FM Conway, VINCI's restructuring has created one of the UK's most substantial construction and infrastructure groups.