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Skanska UK turnover grows, but margin dips

Skanska’s UK construction business has grown turnover for the third year running, but margins have continued to slide.

Revenue for the full year in 2014 was up to £1.34bn (2013: £1.22bn).

Operating profit was £40M, compared to £41.9M the year before, and £42.6M in 2012.

Operating margins were 3% for the latest full year, down from 3.4% in 2013.

Skanska UK president and chief executive Mike Putnam said: “Our financial results throughout the recession have remained consistent, stable and at a good level.”

In 2014, Skanska announced new orders totalling £1.68bn.

Putnam said: “We have a robust pipeline of work, and in addition have been named preferred bidder on a considerable number of other projects. This puts us in a strong position going forward.”

In the final quarter of 2014, Skanska secured a contract to upgrade Junction 30 of the M25, and was included on the Highways Agency’s £5bn Collaborative Delivery Framework contract for the improvement of England’s motorways and major A roads.

Skanska also began work on a number of major construction projects, including the £250M Defence College at Worthy Down in Hampshire for the Ministry of Defence and the £95M Creechurch Place commercial development in London.

During 2014, the contractor completed commercial developments at Moorgate Exchange and Bevis Marks in London, plus Crossrail’s Western Ticket Hall at Bond Street Station

Last year, Skanska announced it would recruit an additional 2,000 people over three years, more than 750 of whom were employed in 2014.

Putnam said market conditions were improving: “I am positive about the future and the range of exciting projects starting this year, and I look forward to further building our presence and brand in the UK.”

 

 

 

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