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Skanska revenue drops almost a fifth

Skanska UK has reported a 17 per cent drop in revenue for the year ending 31 December 2010.

The UK arm of the Swedish contractor posted revenue of £1.28 billion in 2010, down from £1.54bn the prior year.

It blamed the recession and the loss of a series of contracts with telecoms giant BT for the reduction.

Although Skanska UK’s order book fell from £1.70bn to £1.34bn, operating profit rose from 2.5 per cent to 3 per cent.

Skanska UK president and chief executive Mike Putnam said he was pleased with the results. “They are in line with our targets and expectations and are evidence of the commitment of our staff to the business, and the focus we have all placed on managing Skanska UK to deliver stable results during these challenging market conditions.

“While we expect market trading conditions to remain similar during the coming year, we will continue to carefully select and target the right projects for Skanska focusing upon delivering the expectations of our clients and shareholders alike.”

The firm launched its Profitable Growth strategy this year, and Mr Putnam said it was looking at areas to increase its presence in.

“We are looking at a number of exciting opportunities and sectors to strengthen our position. These include our focus on the energy-from-waste sector, where we are actively working to secure opportunities, and residential development.”

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