In 2010, VINCI PLC achieved turnover of £1.03 billion (2009 £1.16 billion). On a comparable basis, consolidated Group turnover was down 12% on 2009. The drop reflected market conditions but was minimised by our business model which combines short term contracting with long term frameworks and facilities management.
Profit before tax was £39.1 million (2009 £15.4 million), an increase which includes the satisfactory conclusion of a number of legacy Taylor Woodrow projects.
Cash generation of £3 million (after dividends paid of £11 million) increased cash balances at the year end to £150 million (2009 £147 million).
The majority of our operations are now contracted within VINCI Construction UK to enable the Group to present its activities in a unified manner to the market, whilst continuing to develop excellent local knowledge through our regional activities. We continue to derive great value from the name and heritage of Taylor Woodrow which provides national recognition and expertise in specialist sectors such as retail, energy and rail.
We are confident that the combination of our financial strength, market leading positions and our company heritage will ensure our continuing success despite the challenging times we continue to operate in.