Contractor says it will target more early involvement and two-stage contracts
Bam Nuttall has bounced back into the black after posting a pre-tax profit of £18m last year, recovering from an £18m loss the previous year.
In its financial results for the 2015 calendar year, the firm posted revenue of £787m, up from £770m the year before.
The civil engineering contractor also reported year-end construction work in hand of £925m, compared to £820m the previous year.
Bam Nuttall chief executive Stephen Fox said the turnaround was a “vindication of our policy of managing risk and only selecting projects with appropriate contractual terms.”
He added: “We will continue to pursue this strategy of selectivity with projects that we can add value to through two-stage early contractor involvement.”
Fox said the contractor will not target “unsuitable projects in pursuit of growth”.
He added the firm’s ‘Back in Shape’ cost saving and efficiencies programme was generating improvements, including improving the quality of its order book and reducing overheads.
Its forward order book includes contracts at Hinkley C nuclear plant and the western section of London’s Thames Tidway, as well as frameworks for Transport for London, the Environment Agency and South East Water.
During the year the average number of staff dipped from 3,122 in 2014 to 3,053, with around 1,230 weekly paid.