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Skanska grew its UK business by almost a fifth last year, but suffered another dip in profit due to 鈥渃hallenging鈥� market conditions.

In the 2016 calendar year, Skanska posted operating profit of 拢35.1m on revenue of 拢1.7bn, down from 拢36.3m profit on revenue of 拢1.5bn the previous year.

The profit slide equated to a dip in operating margin to 2.1%, down from 2.4%. Two years ago the firm鈥檚 margin was 3%.

During 2016 Skanska UK booked orders worth 拢1.8bn.

Mike Putnam (pcitured), president and chief executive of Skanska UK, said: 鈥淥perating margin is still firmly in the top tier of the sector, despite a small decline as the result of a challenging business environment.鈥�

Commenting on contracts won over the year - including a HS2 enabling works deal and the 拢45m Copyright 好色先生TV office project for client Derwent in London, Putnam said: 鈥淭hese successes demonstrate very clearly the breadth of our portfolio across public, regulated and private sectors.

鈥淭his provides our business with both diversity and resilience in a highly competitive market and in the face of the uncertainty created by the EU referendum last June.鈥�