Veidekke’s revenues increase 17% in Q1

Veidekke recorded revenues of NOK5.9 billion (€630 million) for the first quarter of 2016, representing a year-on-year increase of 17%.

Arne Giske, president and CEO, said that good markets in most of its areas and solid work by the company’s employees have resulted in a good start to the year and a historically high order backlog.

The company did record negative profits, however, of -NOK15 million (€1.6 million), although this is an improvement of NOK27 million (€2.88 million) from the same period a year ago.

Veidekke’s order backlog rose 50% to NOK27 billion in the first quarter of 2016.

Giske added, “Construction operations have seen progress in both revenue and profit. Activity levels are high, especially in commercial buildings in Oslo and residential projects in Stockholm.

“In addition, we have been awarded a number of important projects in south-western Norway in this quarter, which is very pleasing.”