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Dutch property market collapse hit BAM profits

Royal BAM Group, owner of Bam Nuttall and BAM Construction, has revealed that its net profit for 2009 is expected to be €30M, down €70M on the previous forecast of €100M.

BAM will be publishing its figures for 2009 in full on Thursday 4 March.

BAM merged the property activities of Dutch property company AM and BAM Vastgoed into one organisation under the name of AM in January this year. The policies of the new AM company are aimed primarily at developing areas through small and large-scale sustainable projects. It has adjusted its ambitions in accordance with current market conditions.

The Group said it remained within its financials covenants on 31 December 2009.

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