Firm says outlook remains healthy
Bam has said its UK and Ireland business improved the amount of money it made in the first quarter of the year.
In a trading update this morning, the Netherlands-based firm said income from its core Netherlands, UK and Ireland markets was up 4% although overall revenue was down 6% to €1.5bn (£1.3bn) after a series of divestments after deciding to pull out of Germany, parts of Belgium and shut its loss-making international business.
The firm said the UK and Ireland division made a “higher contribution” to the €58m (£51m) operating profit it posted for the period.
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This was down from the €97m (£85m) it made last time which included a profit from the sale of non-core businesses as well as €16m (£14m) it booked in the wake of a settlement on a dispute on a sea lock scheme in its home country.
It said the outlook for its core building markets in the UK, including leisure, education and health, “remained attractive” while its biggest business in the UK, civils arm Bam Nuttall, has an ongoing pipeline of work with Network Rail, HS2 and flood defence schemes.
The firm will release its interim results in August.
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