Vinci (VCISF) topped the CAC 40 in Paris Wednesday after Europe's largest construction firm reported double-digit earnings growth and sounded an upbeat tone on the outlook for the year ahead.

Revenue for the year ending Dec. 31 was a little over €38 billion ($40.2 billion), the company said, down 1.2%, as weakness in elsewhere in Europe offset a stable revenue performance in France, while operating income was up 11.1% to €4.2 billion and adjusted net income was 16.2% higher at €2.37 billion.

Diluted earnings per share rose by 15.8% for the period, to €4.24, supporting a double-digit increase in the full-year dividend, which was set at €2.10. The stronger performance on the bottom line was largely the result of cost containment and the board having taken the decision to spread non-cash depreciation and amortisation charges over a longer period of time.

Vinci shares rose more than 4% shortly after the opening bell in Paris to change hands at a four month high of €67.76 before paring gains to €67.72.

"The Group's overall performance in 2016 was outstanding," said CEO Xavier Huillard. "Vinci achieved strong growth in operating income and net income and maintained free cash flow at a high level."

Vinci also saw support during the period from a 3% increase in motorway traffic along the routes that it is responsible for and a 10% increase in airport passenger traffic. The group was the greatest beneficiary of a recent road infrastructure spending package unveiled by the French transport ministry, worth €800 million, with around half of the work under the program being awarded to the firm.

In the year ahead, management have guided for a return to revenue growth in the contracting division and for continued top line expansion in the concessions segment, which houses the motorway and airport management operations.