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Bam admits losses from UK civils scheme

Royal Bam Group has announced losses of €75M (£60M) from two civil engineering projects, one of which is in the UK.

The Dutch company, of which Bam Nuttall is a subsidiary, said the other problem scheme was in Germany.

It has announced a cost reduction programme that will save €100M annually from 2015.

Royal BAM Group said it had faced “unexpected problems at a mid-sized UK civil engineering project which was bid for in 2012”.

“This is due to a combination of adverse ground conditions and bad weather,” it added.

The company refused to name the project.

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