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Aecon reports record revenues for 2019

Aecon reports record revenues for 2019

TORONTO — Aecon Group reported record revenues in 2019 and signed three major new contracts in the fourth quarter valued at $420 million, the firm reported in its Q4 and annual report released March 3.

Annual revenue for the year ended Dec. 31, 2019 was $3.460 billion, which was $194 million, or six per cent, higher than 2018, indicated an Aecon statement.

An operating profit of $107.3 million for the year ended Dec. 31 represented an increase of $17.9 million compared to an operating profit of $89.4 million in 2018.

The first two months of 2020 have been busy for Aecon.

On Jan. 10, the firm announced John M. Beck’s transition from the role of executive chairman to non-executive chairman. Jean-Louis Servranckx, president and CEO, assumed full executive responsibility.

On Feb. 3, 2020, Aecon announced that it had acquired Voltage Power, an electrical transmission and substation contractor headquartered in Winnipeg, for a base purchase price of $30 million.

A week later, Fraser Crossing Partners, a 50/50 joint venture between Aecon and Acciona, reached financial close on the Pattullo Bridge Replacement Project in British Columbia. The total contract is valued at $967.5 million. Aecon’s share of the contract value will be added to its Construction segment backlog in the first quarter of 2020.

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