BAA consolidation boosts Ferrovial’s results

Nicole Mezzasalma

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Full-year revenue was up by 18.4% to €14.6bn ($21.7bn) in 2007, with the UK accounting for 41% of the total

Spanish group Ferrovial has announced its full-year results for 2007. The company registered an increase of 18.4% in revenue to €14.6bn ($21.7bn) following the BAA consolidation. Businesses outside Spain contributed 64% of Ferrovial’s revenue, with the UK accounting for 41% of the total compared with 36% in Spain.

EBITDA grew by 31% to €3bn ($4.5bn) while net income fell to €733.7m ($1bn) compared with the previous corresponding period due to “low extraordinary gains”. According to Ferrovial, 2006 was a year of significant disposals, including real estate and Bristol airport.

Ferrovial CEO Joaquín Ayuso García said at a press conference that the company expects binding offers for BAA duty-free arm World Duty Free in April.