Bam Construct’s turnover and pre-tax profits shrank in 2013 while working capital was slightly down on 2012.
In its full-year accounts released today, the contractor, part of the Royal Bam Group, said working capital was £142.7m in 2013, down 2.7 per cent from £146.9m in 2012.
Its liquidity, or quick, ratio (excluding inventories) was just over 1.5 per cent.
Group turnover was £839.5m, down 8.5 per cent from £917.2m in 2012, while pre-tax profits fell 21.6 per cent to £10.9m (2012: £13.9m).
Its year-end order book grew 2.2 per cent to £1.85bn, but cash and cash equivalents fell 18.4 per cent to £158.9m.
Accident reports dropped from 328 in 2012 to 261 in 2013.
Chief executive Graham Cash said: “Bam Construct has withstood the effects of four years of recession well.
“Our financial performance in 2013 is reasonable given the market we are in and the impairments that have been recognised as we implement our property divestment strategy.”
The contractor said the positive effects of recovery in the UK economy were “not yet feeding into the construction market in any significant way” although there were signs of improving work pipelines.
The contractor will continue to be “highly selective” about the projects it seeks as a result and said it will avoid projects where lowest price is the sole determinant of success.
In 2013, Bam Construct invested £1.3m in staff training, of which 40 per cent was for health and safety.
Google’s £300m new base at King’s Cross, for which Bam was appointed preferred bidder in 2013, has been delayed until at least 2017.
Bam Construct chief executive Graham Cash admitted his disappointment, having been “delighted to have been selected as preferred bidder”.
He confirmed Bam Construct will provide sustainability consultancy to Google in the meantime and said Bam’s BIM capability had contributed to its preferred bidder status on the job.
Construction News reported in February that the redesigned Google scheme is likely to be significantly larger and broken up into packages for more than one main contractor.
Bam Construct has now completed six projects in total on Argent’s regeneration of King’s Cross, where it is a preferred contractor alongside Carillion and Kier.