Veidekke posts improved results

Veidekke saw its financial position continue to improve as it posted pre-tax profits of NOK776 billion (€93 billion) for 2013.

Turnover for the year came to NOK21.2 billion (€2.5 billion), a record high and up from NOK20.4 billion (€2.44 billion) in 2012, while the firm’s backlog stood at NOK18.3 billion (€2.2 billion).

Arne Giske, president and CEO, said, "Operations have been good with improved results in all segments, in addition to increasing the order backlog and good cash flow."

The year was bolstered by a strong fourth quarter, which provided a NOK336 million (€40 million) profit and an increase in turnover of 10% to NOK6.1 billion (€730 million).

The Norwegian contractor and property developer saw growth in its construction operations in Norway and Denmark. Swedish operations showed poor profitability, but the company’s position in Sweden was strengthened within commercial buildings through the acquisition of Arcona.

In property development, Veidekke also saw high sales both in Norway and Sweden.

At the end of the quarter, Veidekke had 1,469 homes under construction, compared with 1,277 the previous year.