Royal Bam reported that its UK order book has remained flat, with the Dutch giant also reporting a slowdown in non-residential construction “particularly in the London area”.
The multi-national business revealed details of its UK construction performance at the parent company’s full-year adjusted results. Further information about the performance of its UK arm is expected in the coming months.
The firm also experienced a negative impact from foreign exchange conversion as a result of a weak pound.
The overall UK revenue for all its business units was down €1.872 bn (£1.655 bn) in 2017 from €2.106 bn (£1.862 bn) in 2016, profit remained relatively flat, dropping slightly year-on-year to €39.7m (£35.1m) in 2017 compared with 2016’s €42.9m (£37.9m) figure.
Royal Bam said revenue in its construction and property division was €416m (£368m) lower for the year in part due to “caution” in the construction market and the “absence of property development transactions”.
The group’s report also revealed Royal Bam had seen Brexit affect labour supply at its subcontractors.