Ferrovial hails rising toll road traffic and more building work

Marion Dakers
FERROVIAL, the Spanish infrastructure giant that owns a 25 per cent stake in Heathrow Airport, yesterday posted a 4.9 per cent rise in revenues to €5.9bn (£5.03bn) for the first nine months of the year.

The firm posted earnings of €632m, down from €658m a year ago, as a rise in international contracts was offset by a slide in construction work.

The firm’s services business, which signed deals to manage buildings in three London boroughs and clean the streets of Liverpool this year, grew revenues by 21 per cent to €2.66bn, helped by acquisitions in Chile and the UK.

Revenues from toll roads rose 8.5 per cent to €318m, which the firm credited to rising traffic on Toronto’s roads, the M4 in Ireland and a slower decline on its Spanish toll routes.

While construction turnover fell 7.1 per cent to €2.9bn its pipeline of future work, which includes work on London’s Crossrail project, came in at €8.5bn.

Ferrovial said the proceeds of its sale of an 8.65 per cent stake in Heathrow to USS last week will “greatly enhance the company's flexibility to undertake new investments oriented towards international expansion”.

Heathrow, one of Ferrovial’s biggest assets, posted a 12 per cent rise in yearly revenues this month.