BAM reports solid third quarter with adjusted pre-tax result of €51.7 million, reiterates full year outlook
First nine months 2020 trading update
Royal BAM Group nv reports for the first nine months of 2020 an adjusted loss before tax of €81.8 million, which is a €51.7 million improvement versus the first half year result. The cash position and the order book remained solid. During the third quarter, the situation regarding Covid-19 was generally stable. BAM maintains its outlook of a positive adjusted result before tax for the second half of the year, although the Covid-19 situation still causes uncertainty.
- Both business lines improved performance in third quarter after being hit hard in second quarter by Covid-19
- Revenue of €1.7 billion in third quarter 2020, in line with comparable period 2019
- Adjusted result before tax of €51.7 million in third quarter 2020, a margin of 3.0%
- Programme to structurally lower BAM’s cost base by €100 million initiated; first benefits in 2021
- Cash position remained strong at €1.2 billion, which includes fully drawn €400 million revolving credit facility
- Capital ratio improved to 12.6%
- Order book at €13.3 billion, stable versus mid-year 2020
Click here for the full press release.