Royal Bam posts improved half-year results, including an increase in UK profit
Royal Bam Group has said the weaker pound is the only short term impact from Brexit on its business, with its UK divisions Bam Construct and Bam Nuttall reporting no drop in work or orders.
The Holland-based company - which does a third of its business in the UK - reported improved half-year results to June, including an 11-fold jump in pre-tax profit to €45m (£39m), up from €4m (£3.5m) the previous year.
Commenting on Brexit, its chief executive Rob van Wingerden said: “Since the Brexit vote, the only effect on Bam has been the translation of the weaker pound.”
The firm added: “Since the vote on 23 June 2016, no orders have been cancelled and Bam has won several new orders. A significant percentage of the revenue for 2017 is secured in projects which are already underway.”
In the UK, the firm posted profit of €18.2m (£15.8m), up from €3.9m (£3.4m), and unchanged revenue of €1.1bn (£950m).
The group’s overall construction and M&E services businesses posted a €23.8m (£20.6m) loss - attributed to poor trading in Germany - while civil engineering and property improved profitability.
Group revenue dipped to €3.4bn (£2.95bn), down from €3.51bn (£3.04bn).