SRV’s interim report for the first 6 months of 2018 has revealed that their order backlog has grown to €1.7 billion. However, revenue has declined by 11 percent on the same period last year, down from €507.5 million to €451.5 million. Reduced revenue and higher than expected costs led to an operating loss of €14.2 million. The main reasons for this loss were the increased costs on the fixed price REDI shopping center project and the weakening exchange rate of the Russian rouble. Despite this, the order backlog has grown by 12.1 percent, with new orders totalling €567 million for the first half of 2018. Looking forward to the remainder of 2018, both revenues and profits are expected to be lower than 2017 as a result of the REDI shopping center project and reduced home construction levels.
