Pre-tax profit fells at Bam Nuttall
Turnover last year for Bam鈥檚 UK and Ireland operation increased marginally to 拢2.8bn, the Dutch firm鈥檚 latest results show.
Accounts for the 12 months to December 2022 showed revenues rose 5% from 拢2.7bn, with the construction business contributing significantly, but pre-tax profit was down to 拢73m from 拢79m in 2021.
Revenue from Bam Nuttall, the group鈥檚 civil engineering business, edged up to 拢1.06bn but profit fell from 拢27m to 拢20m, impacted by supply chain issues on some of the firm鈥檚 larger contracts. Revenue from its UK building arm was up 8% to 拢908m.
Ruud Joosten, chief executive of the Royal Bam Group, said the UK and Ireland division had been 鈥渉eld back by inflation, supply chain issues and delays at some projects鈥�.
The firm鈥檚 order book remained firm at 拢4.8bn, despite being hit by the 拢530m reduction in UK highways following the government鈥檚 review of its regional road development programme.
The firm鈥檚 results in Ireland were positively affected by its share of a claim settlement relating to the Museum of the Future job, it reported.
>>See also:What happened when Bam went to Brollywood?
Bam identified rail, road and energy as growth sectors within UK infrastructure, while education, health, offices and leisure were picked out as key construction markets.
The financial report also referenced an investigation into Bam鈥檚 international business by Dutch financial authorities into suspicions relating to potential fraud and corruption at some already completed projects.
It said the potential adverse financial impact of this investigation could not be reliably estimated but that it 鈥渃ould be material鈥�.
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