Skanska shrugs off Brexit fears

Grant Prior 3 years ago
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Skanska said the EU referendum result has had “little impact” on its UK construction business as it posted strong numbers for the first half of the year

Revenue in the first six months of 2016 was £836m – a 24% increase on the same period a year ago.

Operating income was £16.5m which equates to an operating margin of 2%.

Mike Putnam, Skanska UK’s President and CEO said: “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.

“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.”

Skanska contract wins, extensions and framework successes across its construction and services operations during the period included:

  • A £45 million contract to build the Copyright Building in the West End of London;
  • A contract awarded by Network Rail for the Northern Hub project in Manchester, worth in excess of £74 million to Skanska;
  • The design and construction of a 5km tunnel underneath the river Humber for National Grid, worth £40 million to Skanska;
  • Barts Health NHS Trust extension of Skanska’s facilities management contract to provide a waste management service until 2021;
  • A new highways maintenance contract award in North Somerset and appointments to frameworks in Hampshire and West Sussex.

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