Data-centre jobs helped mechanical and electrical (M&E) specialist Skanska Rashleigh Weatherfoil to turn its financial fortunes around last year.
Annual accounts for the year to 31 December 2023, posted on Friday (30 August), showed a pre-tax profit of £18.2m. That compares with a £312,000 loss in the previous year.
Revenue was £296.6m – up on the £209.4m total posted in 2022. The firm placed sixth in Construction News’ M&E specialists index last year, ranked on turnover.
The latest accounts revealed net assets of £61.2m for the company, which is a subsidiary of Skanska UK.
The amount of cash at hand also increased, from £75.3m to £107.2m.
In his strategic report included with the financial results, director Dan Williams said the turnaround had been achieved through a reduction in defects on legacy projects, plus a rise in work on data centres.
Among the recent project wins for the firm was a fit-out job worth £158m at a data centre in London’s Docklands. Announced in October last year, the deal was for an upgrade of global data-centre provider Telehouse’s largest facility.
Looking ahead, Williams said Skanska Rashleigh Weatherfoil would focus on growing its share of the markets in which it operates, and would aim to increase its volume of work with tier one contractors.
Commodity and energy costs were flagged as potential risks over the coming months.
But Williams added that although “conditions remain challenging, the board considers there is scope for development in the company’s activities”.
