Swedish contractor Skanska has torn up its financial targets for 2010 after it had to make writedowns of 1.27bn kronor (£105m) in the fourth quarter of 2008

The figure included provisions on construction and development projects, of which 80m kronor (£6.6m) was in the UK. It was also hit by redundancy costs after cutting 6% of its workforce. Turnover was up 8% from 129bn kronor (£10.7bn) to 139bn kronor (£11.6bn) while profit fell 23% from 4.1bn kronor (£341.4m) to 3.1bn kronor (£262m).