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Skanska reports 24% revenue increase

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

Skanska UK’s revenue for the first six months of 2016 has increased 24% to £836M.

A £45M contract to build the Copyright Building in London’s West End, and a £74M award from Network Rail to build the Northern Hub in Manchester have helped Skanska UK report a 24% increase in revenue for the first six months of 2016.

The company’s operating income reached £16.5M, giving the company a 2% operating margin.

“Despite a tough contracting environment and with an uncertain future caused by the EU referendum, we have a strong order book and pipeline of work,” said Mike Putnam, Skanska UK’s president and CEO. “We have also maintained a sound and stable operating margin throughout the first half of 2016.

“The financial crisis and recession showed that Skanska has a well-honed capability to manage through external change. We will continue to take a measured and calm leadership approach to our business as the picture following Britain’s decision to leave the EU becomes clearer.

“While the EU referendum result has created some uncertainty in our sector, we have seen little impact on our UK business to date. We have a wide portfolio of operations across public, regulated and private sectors that will provide diversity and resilience. We will continue to monitor the situation carefully and work very closely with all our customers, delivering against our commitments.”

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