Contractor says fall in margins ‘reflects our approach of recognising profits conservatively during early stages of new projects’

Skanska said winning more work at its building business helped send revenue up to more than £1.3bn last year.

In accounts now filed at Companies House, the firm said turnover was up 7.5% to £1.37bn.

It said: “The increase in revenue was driven by higher activity levels in our Building operating unit following several project wins in 2024.”

botanic

Among the jobs Skanska won last year was a £199m office scheme called Botanic Place in Cambridge

Among the jobs it won during the period was a £199m office scheme called Botanic Place for Railpen in Cambridge that has been designed by AHMM.

But pre-tax profit fell 8.5% to £71m although the firm said: “The operating margin is in line with business plan expectations and reflects our approach of recognising profits conservatively during the early stages of new projects secured in 2025, with margins expected to improve as these projects progress.”

The firm said it was debt free while year-end net cash and cash equivalents was up 7% to £508m.

Last month, Skanska said former Permasteelisa chief operating officer Lee Marks was joining to take charge of its building business.

He takes up his new post full-time later this summer with the jobs he will over see including a tower scheme at 55 Old Broad Street in the City for Landsec while it has now started work on British Land’s 1 Appold Street scheme, also in the Square Mile.

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