Home Commercial News Skanska UK construction profit and turnover soar

Skanska UK construction profit and turnover soar

Skanska UK construction profit and turnover soar

According to Contract Journal, Skanska UK grew in revenue and profit in 2022. Pre-tax earnings for the contractor increased to £55 million, up 59% from £34.7 million in the prior year.

With a pre-tax profit margin of 3.9%, turnover grew to £1.4 billion, a 17% rise from £1.2 billion the year before. As of year’s end, cash and cash equivalents totalled £441.5 million (2021: £519.7 million), a reduction of £78.2 million. This was mostly caused by the £65 million dividend payments made to the Swedish parent company.

The impressive outcomes happen in spite of recent difficulties. Russian aggression in Ukraine “added risk to all sectors of the group in 2022, including the risk of pricing fluctuations, workforce and material supply, and energy price changes,” the company claims.

“Political developments in the UK government during 2022 increased these risks,” it continued. A risk-averse culture and open, cooperative relationships with our stakeholders have mitigated any impact on delivery and financial performance and will continue to do so. There had been “no major financial impact on the group” from Brexit. This is due, in part, to our tight collaboration with our main supply chain, which has allowed us to manage risks like workforce availability and the potential effects of the EU withdrawal as well as the Covid-19 return to work.

“The organisation continues to assess all potential effects that this legislative change might have on its operation and makes sure that measures are in place to minimise any financial damage,” the statement reads.


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