- Revenue for UK business increased by 10.4% due to the strong performance of live projects and works beginning on a new contract
- Order book increased by 25% due to HS2 Main Works Civils Contract
- New strategy for UK business yields positive results
Ferrovial Construction has today reported a turnaround in its financial results for 2020, reporting positive figures and positioning itself well for future UK business. Revenue increased by 10.4% up to £381m due to the strong performance of live projects and works beginning on a new contract, High Speed 2 Main Works Civil Contract (MWCC).
The company also recorded solid performance in terms of order book with it increasing by 25% to £1.1bn. This is primarily due to the award of the HS2 Main Works Civils Contract.
The publication of results for its UK Construction business follows the recent announcement that the global business has increased revenue by 11.4% in like-for-like terms to €5,862m (£5.1bn) due to the contribution from projects in the US and good performance by Budimex, Poland. The Construction backlog reached €10,129m (£8.8bn) at year-end.
New Strategy for the UK and Ireland Business
The new strategy for the UK and Ireland business was launched following the appointment of Karl Goose as the country’s Managing Director. The strategy places people at the centre of its business, this is evidenced in how Ferrovial Construction looked after employees throughout the pandemic (maintaining employee bonus payments, ensuring no one went without their full salary and continuing to deliver on enhanced benefits packages for all employees, as well as revision of key HR policies including maternity and travel.
Karl Goose, Managing Director: “The positive figures we are able to report this year demonstrate the direction in which we are heading. The strategy we launched last year is already yielding results.
At a time when so many contractors have had to make really tough decisions regarding salary cuts and redundancies, I’m immensely grateful that we have been able to navigate the last 12 months without having to do either of those unenviable things. We have a clear role to play in UK economic recovery, and I will make sure we do everything we can to support our clients, supply chain, and communities where we work as we emerge from the pandemic.
Our focus will be on our people – the existing teams and those who join us in the future. And I am confident that the investment we deliver in their development and wellbeing will pay great dividends to us, their families and the industry.”
Notes to editors
Ferrovial, a leading global infrastructure operator, is committed to developing sustainable solutions. It is a member of Spain’s blue-chip IBEX 35 index and an industry leader in the Dow Jones Sustainability Index; it is part of FTSE4Good and the Carbon Disclosure Project, and all its operations are conducted in compliance with the principles of the UN Global Compact, which the company adopted in 2002. For more information visit www.ferrovial.com.
Ferrovial Construction, manages major, complex, multidisciplinary design and construction projects around the world, in sectors including rail, highways, tunnels, marine, airports and energy. Established in this market since 2003, we design and construct some of the UK and Ireland’s most high-profile transport infrastructure projects including Heathrow Terminal 2, Thames Tideway Tunnel, Crossrail Western Running Tunnels and Farringdon Station, Northern Line Extension and HS2 Enabling Works and Main Works Civils Contracts. We have the strength and depth to deliver complex major projects in-house, drawing on international expertise and full asset lifecycle capability. We provide our clients with cost-effective, value-added solutions and responsibly design and build assets for people and places.