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Skanska back to profit on £1.54bn order book

Skanska UK has reported turnover of £1.54bn, and profit of £38.9M in results for the year to December 31 2009, an improvement on the operating loss of £43M reported in 2008.

In 2008 the contractor made “serious write-downs”, and while the increase in turnover this year was small, the margin extended to 2.5% for the year.

CEO Mike Putnam took over from Mats Williamson in 2009, having held the post of executive vice president position since the early 2000s, firstly with responsibility for the civil engineering operating units and more recently the building related businesses.

“I am very pleased with these results. They are in line with our targets and evidence of the work we have undertaken to put our past behind us and get the business back on track,” said Putnam.

“We have seen the market tightening during the year and have also seen a reduction in the number of opportunities, particularly in our building related operations. Key to our businesss model is ensuring that we carefully select and target the right projects for Skanska and our shareholders such that we can deliver to the expectations of our clients.

“We do expect similar market trading conditions through 2010, However 2010 has started on a brilliant note for us with the announcement earlier this week that we, together with our partners RM, have been selected as Preferred Bidder for the Essex Building Schools for the Future Programme – the result of a lot of hard work and commitment of our staff.”

Skanska, as part of the ConnectPlus consortium, finally made financial close to the M25 widening and management PFI in May 2009.

Skanska has a solid forward oder book of £1.695bn, specialising in PFI schemes.

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