But contractor admits confidence has ‘declined’ in wake of dire economic forecast
Revenue from Bam’s building and civils businesses stayed flat in the first half of the year with the pair posting improved profits during the period.
The UK is one of three core countries for the Dutch contractor, along with its native Netherlands and Ireland.
The firm has undergone a restructure in the past few years, closing its International business, which worked mainly outside Europe in places such as Africa and the Gulf, pared back its business in Belgium and closed its German division which includes selling its Wayss & Freytag tunnelling arm, which worked on the Crossrail scheme, to German firm Zech Building for €50m (£42m).
In half year results for the six months to June, Bam said combined revenue from building and civils in the UK hit €1.1bn (£927m), flat on last year’s figure. But profit from the pair increased 8% to €41.4m (£35m). It added the order book from its UK and Ireland business slipped 7% to €6.1bn (£5bn).
Bam said the outlook for the UK remained “positive” especially in public sector spending but admitted that, in the wake of a predicted 15-month recession, the “business and consumer confidence [in the country] have declined”.
Group revenue fell 8% to €3.3bn (£2.8bn) which the firm said was down to selling parts of its business in Belgium. Pre-tax profit was up 67% to €109m (£92m).
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