Industry-beating number exceeded firm鈥檚 forecast, boss admits
Margins at Bam Nuttall have climbed to more than 5% as the firm鈥檚 boss admitted its latest numbers were better than expected.
The civils arm of Bam posted a turnover of 拢1.2bn and pre-tax profit of 拢64.4m last year giving the company, which counts HS2 and water schemes among its portfolio of contracts, a margin of 5.3%.
Executive director Huw Jones said: 鈥淥ur 2023 [figures] exceeded our forecast and resulted in a margin of 5.3%, largely due to the resolution of legacy projects.鈥�
He added: 鈥淲e have continued a prudent growth strategy by securing sustainable revenue through selective tendering wit out strategic clients.鈥�
Revenue in 2022 was just over 拢1bn but pre-tax profit was only 拢4m giving it a margin of just 0.4%.
In August, Nuttall鈥檚 sister firm Bam Construct posted a pre-tax loss of 拢31m in 2023 compared to a 拢22m profit last time. Revenue was flat at just under 拢900m.
The building business, which has racked up losses on its Co-op Live scheme in Manchester, said it had been hit by supply chain collapses and the cost of inflation.
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