Part of it is familiarity with the format, which of course assumes they keep things reasonably similar this year. Knowing the kinds of problems that appear (parsing, graphs, optimization, reverse engineering, etc.) helped me put together a little library of code that means I'm not spending time rewriting fundamental algorithms.
Reading problem statements is one of those skills I picked up from ACM programming competitions. The problem statements usually contain a lot of fluff - to speed-code you want to be able to pluck out the relevant bits quickly so you can start formulating the solution.