Underlying profits also increase
Skanska鈥檚 income was up 12% last year as it reaped the benefits of HS2 work and new contract wins.
The contractor鈥檚 results for the year to 31 December 2022 showed revenue of 拢1.4bn, up from the 拢1.2bn recorded the year prior.
Pre-tax profit stood at 拢55m which was down from 拢72.6m in 2021, but that year鈥檚 results were bolstered by the sale of Skanska鈥檚 infrastructure services function.
That business鈥� operating profit for 2021 was 拢9.8m and the firm鈥檚 gain on its disposal was 拢29m. With these figures excluded, Skanska鈥檚 pre-tax profit was up 63% in 2022.
Major contract wins for Skanska in 2022 include the 拢235m 105 Victoria Street scheme in the west end, a 拢259m vehicle storage hub for the Defence Infrastructure Organisation and a 拢400m+ upgrade to a stretch of the A46 Newark Bypass.
The firm also benefitted from its work as part of Skanska Costain Strabag, a HS2 tunnelling joint venture which was handed an additional 拢305m for the job earlier this year.
It has also been carrying out enabling works on Euston station for Network Rail as part of work to build a new terminus next door but has said it will finish up work at the site by the end of the year after the government mothballed the new station scheme.
Skanska has recently undergone a leadership change, with Katy Dowding appointed president and chief executive of the UK business in April, taking over from the retiring Gregor Craig.
The company booked 拢1.5bn of orders in 2022 and had 拢441.5m of cash without leverage or debt.
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