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Profits up at Royal Bam as UK turnover falls 16pc

Dutch giant Royal Bam’s UK turnover fell by 16 per cent in the first half of 2010 but it still posted increased profit despite public sector cuts.

In the six months ended 30 June 2010 Bam recorded a UK turnover of €885 million, compared to €933m in the same period in 2009.

Meanwhile it saw profits increase from €15.5m to €20.6m although the firm said its profit had been affected negatively by high tendering costs in the UK.

Bam said that it faced continued uncertainty over public sector spending in the UK, including the recent Building Schools for the Future cancellations but that its order book at Bam Construct UK had increased compared to the year end 2009 figure.

It added that UK civils business Bam Nuttall had performed well by maintaining revenues similar to the same period last year and increasing its order book “significantly.”

Across Royal Bam turnover was down to €3.4bn from €4bn for the half year with pre-tax profit up from €53.7m to €66m.