Skanska UK broke through the £1bn-turnover barrier in 2007 despite going £41.5m into the red in the first six months of 2008 and parting company with its chief executive.

According to documents filed at Companies House this week, turnover at the Swedish-owned business rose 42% from £921m to £1.3bn last year. Pre-tax profit was down from £38.8m to £38m, and its margin fell from 4.2% to 2.9%.

A company statement said the performance was based on “recruiting a skillful workforce and previous project performance that has resulted in a number of contracts with repeat clients”.

Turnover at Skanska’s construction arm accounted for £819m of turnover (up 22% from £668 in 2006) while its infrastructure division contributed £514m (up from £280m).

It is a different picture this year, owing to writedowns of almost £50m on problem PFI jobs. David Fison, the company’s chief executive, was replaced by Mats Williamson, who moved from his role as president of Skanska Sweden.

• Norwest Holst subsidiary Weaver posted a pre-tax profit of £183,000 on a turnover of £29m in the last nine months of 2007. In the year to 31 March 2007 turnover was £42.3m and pre-tax profit £590,000.

Meanwhile, Mouchel has said the year ended 31 July 2008 was in line with expectations. The consensus forecast is a £40m pre-tax profit.

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