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Bam Nuttall reports £20M loss

Bam Nuttall has revealed a ‘trading loss’ of £20M for the year to 31 December 2014.

The civils contractor said it had “one extremely challenging contract” that had outweighed strengthened performance elsewhere.

Bam Nuttall saw its turnover rise 2% last year to £774M.

“Our increased scrutiny and selectivity of tendering and contract management has resulted in the strengthened performance across the business,” said the firm in a statement.

“However, this good work has been offset by one extremely challenging contract, which has resulted in a significant loss for the company. We now have this under control and during 2015 this contract will be substantially completed.”

Bam Nuttall – which will work in consortium with Balfour Beatty and Morgan Sindall on the £416M West section of the Thames Tideway Tunnel - said it remained in a “very strong position”.

“Against a backdrop of a commitment from government for continuous investment in infrastructure, BAM Nuttall continues to be associated with winning major projects,” it said.

“Elsewhere we have remained busy, with revenues growing and with our order book becoming less dependent upon London and the South East. We commenced work on a new airport terminal in Tanzania with Bam International, and our Borders Rail project will be opened by Her Majesty the Queen in September.”

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