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Skanska UK reports positive results for first quarter

Skanska UK has reported revenue of just under £260m and operating income of £7.5m for the first three months of the year.

“This is a very credible performance given the prolonged recession facing the construction industry,” commented president and CEO Mike Putnam. “We are well on track to achieve our financial targets for the year.”

Commenting on the company’s pipeline of work, Mr Putnam said: “Although our reported order bookings for the first quarter of almost £170m are behind expectations, we have a healthy pipeline of future opportunities.”

Skanska announced its acquisition of Atkins Highways Services in February, which is expected to complete by the end of the second quarter and will boost its workforce by 1,250 people.

In the quarter, the company reported its seventh contract for Crossrail, working with Costain to deliver the £110m station at Bond Street.

Also secured was 100 Cheapside, an 18-month contract to demolish and construct a ten-storey commercial building in the City of London.

Skanska also started work on the £321m later upgraded sections of the M25 during the quarter. Working with Balfour Beatty, the company is upgrading two sections of the M25 to managed motorway.

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