Profit from ongoing business nearly trebles, firm adds
Proceeds from the sale of the business which looked after roads, rail and street lighting helped Skanska more than treble pre-tax profit last year.
The firm said the 拢29m it booked from the disposal of its infrastructure services division to M Group at the end of 2020 meant pre-tax profit jumped from 拢22.6m to 拢72.6m in the year to December. It said revenue for the year slipped to 拢1.2bn from 拢1.5bn.
Income from continuing operations was flat at 拢1.1bn with pre-tax profit climbing from 拢12.2m to 拢33.7m.
The firm said it claimed 拢302,000 from the government鈥檚 Coronavirus Job Retention Scheme compared to the 拢4m in taxpayers鈥� money it was handed the year before.
In its accounts filed at Companies House, Skanska UK revealed that it made a dividend payment of 拢16.1m to its Swedish parent during the year.
It added that year-end net cash and cash equivalents stood at 拢520m from 拢422m last time. Its order book at the end of last year was 拢1.3bn
Meanwhile, in a second quarter update for 2022 the UK firm鈥檚 parent said this morning that revenue was up 27% to SEK44.8bn (拢3.7bn) on operating profit flat at SEK2.4bn (拢196m).
The firm said it expected weaker demand in the UK for non-residential building work in the coming 12 months although it said civils work would remain stable during the period.
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