Firm reports rise in revenue in all geographies but its margin plummets
Civil engineering firm Bam Nuttall has reported a 41% fall in pre-tax profit, despite a 4% rise in revenue.
In accounts filed at Companies House, Bam Nuttall, the UK civil engineering arm of Dutch giant Royal Bam Group, reported a pre-tax profit of 拢10.7m in the year to 31 December 2013, down from 拢18m the previous year.
The firm reported a rise in revenue to 拢756m, up from 拢730m the previous.
Writing in the accounts, chief executive Stephen Fox said the firm鈥檚 return on turnover had fallen to 1.4% from 2.5% the previous year.
He said: 鈥淭his reduced margin reflects the difficult trading conditions experienced during 2013.鈥�
Despite this he described the firm鈥檚 results as 鈥渟olid鈥� and pointed out that its order book 鈥渞emained very strong鈥� at 拢943m at the end of 2013, compared with 拢1.1bn at the end of 2012.
He said: 鈥淲e are encouraged by the improved future business opportunities that now exist in the civil engineering market.鈥�
The accounts showed Bam Nuttall grew revenue in all its regions.
Revenue in the UK grew to 拢746m in 2013, up from 拢727m in 2012; revenue from the firm鈥檚 work in Europe grew to 拢3.8m in 2013, up from 拢2.9m in 2012; and revenue from work outside of Europe grew to 拢6m in 2013, up from just 拢344,000 in 2012.
Bam Nuttall cut pay for its five directors during the year and only three of the directors, including Fox, were still serving at the end of 2013.
Directors鈥� remuneration totalled 拢911,000 in 2013, down from 拢1.2m in 2012.
The number of staff at the firm grew to an average of 3,060 in 2013, up from 2,993 in 2012.
No comments yet