Bam says revenue in core markets on the up

Bam said revenue across its core markets including the UK was up in the first quarter.

In a trading update, the firm said income was down 6% to €1.6bn (£1.4bn) because of its decision to pull out of non-core activities including some businesses in Germany and Belgium.

But it said business from the UK, Ireland and the Netherlands increased 5% in the first three months of the year.

The firm said adjusted earnings were up from €53.3m (£45m) to €97.3m (£82m) – although this was before restructuring and pension costs were included.

In 2021, Bam saw income increase 7% to €7.3bn (£6.2bn). It reported adjusted earnings of €278m (£235m) but restructuring and amortisation costs dragged the number down to €18.1m (£15m) – though this was still a return to the black from 2020’s loss of €122m (£102m).