Skanska UK revenues fell 17% in 2010 but profits were down just 1.8%.
During calendar year 2010, Skanska revenues were £1.3bn, down 17% from £1.5bn in 2009, while its operating profit for the 2010 financial year fell by just 1.8%, to £38.2m, compared to £38.9m in 2009.
Its order book grew during the last year, ending 2010 at £2.24bn, compared to £2.19bn at the end of 2009.
This is a particularly solid performance given the hiatus in awarding work, which was caused by the general election in May and the Comprehensive Spending Review in October.
Commenting on the results, Skanska UK president and CEO Mike Putnam said: “I am pleased with our results for 2010.
“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.
“Whilst 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 focussing upon delivering the expectations of our clients and shareholders alike.
“The new year marked the start of our new “Profitable Growth” Business Plan for the group. In the UK, 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, which we announced recently”.
Skanska UK results were released at the same time as its Swedish parent company, Skanska AB.
It saw a fall in revenue from SEK135.8bn in 2009 to SEK121.7bn in 2010 – a fall of 10.4%.
The group’s profits increased during the year to SEK3.9bn, up from SEK3.6bn in 2009.