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Skanska benefits from major infrastructure boost

All of Skanska’s rigs are being converted to use biodegradeable hydraulic oil

Skanska has reported a lower-than-expected fall in operating profits in the first quarter this year due to a strong performance in its infrastructure division.

Although overall operating income for Q1 fell to £157M, operating income for infrastructure beat expectations at £82M, due in part to the sale of motorway in Poland generating higher-than-anticipated profits.

The company reported a record construction order book at the end of the quarter amounting to £3bn, although profit for its construction division was lower than expected at £34M.

“There are many things to be proud of during the first quarter 2017,” said Skanska chief executive Johan Karlström.

“At the same time we are putting a lot of effort into improving the profitability in the underperforming units in construction, which is crucial for reaching our operating margin target in construction.”

He added that Skanska is treating growth in its construction profitability as a high priority.

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