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Dutch owner takes heart from Nuttall's results

FINANCE

BOOMING orders at Edmund Nuttall helped raise turnover at the UK operations of Bam but the Dutch giant is still using sales of its own commercial development to boost building profits.

Bam has started breaking down interim results by country. Figures posted to the Euronext exchange, where the group is listed, show a £27.2 million profit on £674 million turnover in the f irst half of this year.

Bam said: 'Good building results were realised in the UK in line with last year, owing in part to the sale of commercial property from the group's own property development.

'Nuttall posted a good result with a clear increase in turnover. Despite the fierce competition, Nuttall maintains its leading position on the British civil engineering market.'

Bam has 25 public private partnership concessions in a number of countries, including the UK, but made less than £100,000 from PPP work in the first half of 2006.

Bam made a £6.1 million first half profit on £122 million turnover in Ireland but losses in Germany are spiralling, with a £13 million deficit booked due to subsidiary Wayss & Freytag, despite a sign of a revival in non-residential construction.

Overall, Bam raised interim pre-tax profits £13.2 million to £88.7 million as turnover rose £334 million to £2.6 billion.