Major awards from Crossrail, London Underground and the water industry have helped push Bam Nuttall’s forward orders to a record £967M, up £252M or 35% on last year.
The firm picked up deals on the Crossrail station caverns and western running tunnels with Kier and Ferrovial and Victoria Underground Station with Vinci. Other deals included the Luton Dunstable Guided Busway and Northumbria Water Framework.
The firm also posted a record turnover for 2010 of £694.8M up 7.9% in its results, published this week. Pretax profit was down £8.4M or 34.9% to £15.7M. “This reflects general economic conditions and tighter pricing levels but still represents an industry leading percentage result,” said chief executive Steve Fox.
Over the last year the company has focused on winning big civils contracts to counterbalance declines in regional workloads. This will continue throughout 2011. “We will be targeting other major opportunities that are coming through,” Fox said.
“But our focus is on pursuing work with secure funding and adopting selective bidding practices, including working with carefully selected partners.”
The current forward work figures do not include the firm’s managed motorways win with Morgan Sindall as no orders have yet been taken, Fox said.
Bam Nuttall will not be looking to slash its supply chain like fellow contractors Balfour Beatty and Skanska, he announced.
“How good is that for SMEs?” Fox asked. “We are rationalising to restrict one-off orders for a few hundred pounds as they are expensive to administer. But otherwise you need to keep the tension in the supply chain.”