Solid, stable results again for consistent BAM Construct UK
Hemel Hempstead, 10 May 2018 - BAM Construct UK achieved another year of solid, stable performance in 2017.
The company’s profit before tax was £19.3 million (2016: £26.2 million) and revenue was £957.5 million (2016: £1,072.2 million), producing a margin of 2%. Operating profit improved by 40% from 2016 before exceptional items.
BAM Construction, the largest subsidiary of the company, had revenue of £903.6 million.
BAM has no debt – its cash at the year-end was £82.3 million (2016: £116.6 million), and its order book was £1,624 million (2016: £1,654 million).
Chief Executive, James Wimpenny, who took up his position in January 2018, said: ‘These results reflect our delivery of Royal BAM Group’s strategy, ‘Building the present, creating the future.’ BAM Construct UK has been consistently profitable for more than a decade. We operate in a high risk, low margin industry. We believe our stability and predictable performance is attractive to clients and our supply chain and is one of the reasons why much of our work is repeat business.’
‘I am also very pleased that we reduced the number of RiDDOR accidents by nearly half in 2017 (13 down from 25 in 2016) and our incident frequency rate is the second lowest among Build UK members. Our tCO2e emissions fell by over 15% to 14,410 tonnes (2016: 15,023) and we diverted more than 90% of waste from landfill. We add value on our projects through our commitment to community engagement.”
Looking to the future, James Wimpenny says: ‘BAM’s strategy will continue to be founded on operating efficiently and managing cash effectively. We aim to stay at the forefront of digital construction and data management. We are able to offer an integrated range of services across the lifecycle of a building and we will maintain our focus on competing for complex, high value work with clients who appreciate quality over price and value a collaborative approach.’
BAM Construct UK’s companies include BAM Construction, BAM Properties, BAM Design, BAM Services Engineering, BAM Plant and BAM FM. Its full annual report and results for 2017 are available at Companies House and published on www.bam.co.uk.