Profit falls across all three of Dutch construction giant’s UK subsidiaries and down a third at Bam Construct
Profit across the Royal Bam Group of companies in the UK – which includes contractor Bam Construct and civil engineer Bam Nuttall – fell by more than a fifth in 2011.
Pre-tax profit fell across all three of the Dutch construction giant’s UK subsidiaries, with a 21% drop overall to £28.9m in the year ended 31 December 2011, down from £36.7m the previous year.
But turnover across the UK companies grew by 2% to just over £1.8bn, thanks to strong revenue growth at Bam Nuttall, which recorded its highest ever turnover.
Major wins on Crossrail helped push Bam Nuttall’s revenue to a record £809m, up 17% from £684m in 2010.
Pre-tax profit at Bam Nuttall fell by 9% from £15.7m in 2010 to £14.3m last year.
Bam Construct and Bam PPP fared less well, with turnover down 9% at both divisions, to £946m and £55.7m respectively.
Pre-tax profit at Bam Construct fell by a third from £17.1m in 2010 to £11.5m last year.
The combined forward order book for all three divisions stands at £2.8bn.
Martin Rogers, member of the executive board of Royal Bam Group, said: “The steady performance is the result of a heightened focus on prudently managing the difficulties inherent in the UK market.
“The companies have resisted the temptation to bid at unsustainable prices, have concentrated on maintaining standards and additional management and supervision of the supply chain.”
Bam’s UK results highlights –
|Bam Construct UK||2011 £ m||2010 £ m|
|Bam Nuttall||2011 £ m||2010 £ m|
|Bam PPP||2011 £ m||2010 £ m|
|Work in hand||483.6||839.9|