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Mon August 02 2021

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BAM Nuttall reports turnover up, profits down

14 Jun Dutch-owned civil engineering contractor BAM Nuttall saw its profit margin shaved by Covid-19 operating protocols but overalled survived the challenges of 2020 reltatively unscathed.

BAM Nuttall’s accounts for 2020 show turnover up nearly 20% to £844m (2019: £770m) and pre-tax profit down 22% at £11.6m (2019: £15.3m), resulting in a margin of 1.4% (2019: £2.0%).

BAM Nuttall ended 2020 with £3,413m of work in hand, compared to £2,525m at the start of the year, and £109m of working capital, up from £92m.

“Our outlook is underpinned by repeat business and very high levels and two-stage negotiated contracts,” said chief executive Adrian Savory. “In 2020 we established our strategic accounts and marketing team, who work in tandem with our delivery centres, focused on building deep, strategic and sustainable relationships with clients. Understanding their strategic drivers and goals allows us to increase opportunities, which creates a more financially resilient, lower carbon industry, building a better future.”

The 2020 accounts show that BAM Nuttall’s senior executive received £1,115,000 in remuneration, a 45% increase from £767,000 the previous year. By contrast, the average BAM Nuttall annual salary decreased, from £54,496 in 2019 to £53,552 in 2020.

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