Operating profits at Skanska UK’s construction business fell 8% to £35m in 2016, despite a 17% jump in revenue last year to £1.68bn, according to its latest results.
Tougher market conditions over the year resulted in construction margins sliding for the second year running, this time from 2.4% to 2.1%.
Skanska UK president and chief executive Mike Putnam said: “I am pleased to report a 17% increase in revenue for 2016. Operating margin is still firmly in the top tier of the sector, despite a small decline as the result of a challenging business environment.”
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