As a result of weaker demand and a financial provision, BAM Construct UK profit before tax fell 51% to £9.4m (2018: £19.4m) for the year to 31st December 2019.
Revenue was down 2% at £930.5m (2018: £949.8m), resulting in a profit before tax margin of 1.0% (2018: 2.1%).
“Our overall performance reflects strong client relationships, focusing on selecting opportunities with the right risk profiles, and our commitment to delivering projects safely and efficiently,” said chief executive James Wimpenny.
He added: “Clients want reassurance that contractors can last out these difficult market conditions and our financial stability and liquidity remain very strong.”
Cash balance at the start of 2020 was £285m, with £95.7m on the balance sheet.
BAM Construct UK is primarily composed of BAM Construction but also includes BAM Design, BAM Plant, BAM FM and BAM Energy. It does not include BAM Nuttall.