Bam Nuttall parent Royal Bam Group has reported higher civils revenues and improved results in the Netherlands, United Kingdom, Germany and Belgium for the first six months of 2011.
Royal Bam Group has recorded a civils turnover of £1.6bn for the six months to 30 June 2011, compared with the £1.47bn in the same period of 2010. Profit before tax was significantly up from £26.6M in the first six months of 2010 to £41.7M. Margin before tax now stands at 2.6%, up on 1.8% a year previously.
UK revenues increased sharply in the first half of 2011 compared to the first half of 2010, due in particular to work starting on a number of contracts that had been awarded in 2010.
The only negative is a dip in forward orders. The firm’s order book now stands at £4.4bn, down on £4.9bn a year ago. Bam Nuttall’s order book contracted slightly compared to year end
2010, the firm added.
It also warned that there is pressure on margins in the UK for new contracts. But it said Bam Nuttall was well placed to benefit from any positive movement in the civil engineering
In Ireland, Bam Contractors’ revenue continued to fall in the first six months of the year. The Irish PPP market is currently suffering from the lack of confidence in the creditworthiness of the Irish government, making it impossible to find private financing for the N17/N18 motorway contract for which Bam was preferred bidder.
Beyond Europe, Bam International has grown its order book and is continuing to work on strengthening its position in South-East Asia, Africa and the Middle East.