Results filed by Skanska UK plc for the year to 31st December 2024 show that pre-tax profit nearly tripled to reach £77.8m (2023: £27.3m) despite revenue slipping 4.4% to £1,270.1m (£2023: £1,328.6m)
At an operating level, profits rose from £6.3m in 2023 to £54.1m in 2024.
The improved operating performance was driven by strong results in facilities management and infrastructure sectors, which were partially offset by underperformance in the building sector, finance director Meliha Duymaz wrote in the annual report.
Consolidated year-end cash and cash equivalents totalled £472.3m (2023: £396.3m), an increase of £76m in the year, reflecting the improvement in profit before tax.
Major contract wins during the year included a £105m contract for the construction of a new nine-storey office building with two basement levels at 7 Millbank in London, retaining the existing façade, and a £197m contract for two office buildings as part of the South Molton redevelopment, also in London.
Skanska UK’s annual report also reveals that its ethics committee considered 30 reports of alleged breachers of the company’s code of conduct during the year. Most related to HR issues such as behaviour in the workplace but some relayed to health & safety and conflicts of interest. Across all categories, only one case was decided to have constituted a breach of the code of conduct but was not considered high risk to the business.
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