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Skanska's UK arm sees 2017 profit hit

Skanska 3to2

Skanska UK’s pretax profits for 2017 have fallen by just over 40% to £13.5M.

Documents filed at Companies House reveal that Skanska UK Plc recorded a profit of £13.5M for the year ended December 31, 2017, compared to £23.6M for 2016.

Revenues increased to £1.8bn for 2017, compared to £1.65bn for 2016.

The profit dip follows a profit warning last July, which included project write-downs of £33M due to lower than anticipated production rates and project delays.

In January, Skanska announced it was to cut 3,000 jobs globally and carry out a major restructuring operation following difficulties in its European business.

In June, New Civil Engineer revealed that 125 Skanska UK employees were set to lose their jobs in the company’s latest round of redundancies.

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