March 23, 2020 / 8:02 AM / 8 days ago

French construction, concessions firm Vinci drops 2020 targets

PARIS (Reuters) - French construction and concessions group Vinci (SGEF.PA) said on Monday it would not be able to meet its 2020 targets as the coronavirus outbreak had significant impact on its activities.

The company also said in a statement that it was not possible at this stage to estimate the impact of the health crisis on its financial statements given uncertainty about the duration and the scale of the pandemic.

Vinci expects a pronounced but time-limited decline in revenue.

In its highways business, the group added that lockdown measures in France have intensified a decline in traffic.

Vinci also said passenger traffic in its airports sites had fallen sharply in March.

“That decline has worsened in the last few days following containment measures and decisions taken by some countries to close their borders,” the company said.

Vinci shares are down almost 30% this year.

Reporting by by Matthieu Protard; editing by Jason Neely

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