Bam’s results were also aided by a one-off gain in the UK from the sale of commercial property, which meant th group paid the same amount of tax as a year ago despite profits leaping a third.
Bam said: “The British market is developing positively. During the first six months of this year, HBG took on a large number of new projects. The order book is at a high level for almost all regions.
“Nuttall recorded a good result. The volume on the competitive British civil engineering market remains as favourable as ever, owing in part to the preparations for the 2012 Olympics. Nuttall’s order book is at a high level.”
Bam’s group profits were helped by a break-even result in Germany, where many large contractors have been dogged by losses for years due to a five-year long recession.
The firm has secured 26 Public Private Partnership projects in the UK and elsewhere in Europe and invested £105 million in group funds into these deals.
A year ago, Bam barely broke even on PPP but 17 deals are now operational and generated a £10.1 million profit in the first half of this year on £22.4 million turnover. Bam’s overall order book is up 12 per cent on a year ago at £10 billion with the UK and the Netherlands cited as driving this growth.