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Skanska UK announces £30M write down

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

Skanska has issued a profit warning and announced a £30M write down for its UK arm.

The firm cites low production rates, delayed projects and associated charges from customers, which have caused costs to increase beyond forecasts.

A statement from the firm said: “In these areas, we continue to have constructive dialogue with our customers to reach commercial agreement.”

Skanska said the write down – a reduction in the value of its assets – is down to its “prudent” accounting and the fact that it doe not change the estimated cost of a project until this has been agreed with the customer.

The firm said it is working to address the problems and said: “Skanska UK continues to maintain its strong balance sheet and cash position.”

The news follows Carillions announcement of an £845M write down on Monday.

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