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Wed October 28 2020

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Property puts BAM in the red

18 Nov 10 International contractor BAM’s UK revenue fell 15% in the first nine months of the year and worse could be ahead with government spending cuts.

Overall revenues for the Dutch parent company were € 5,271m in the first nine months of 2010, 11% down on the €5,945 in the same period last year.

BAM said that it was experiencing pressure on output in all sectors and all geographic markets, especially in residential construction and property.

With the exception of Property, all sectors posted a profit for the first nine months of the year. Profit before tax and impairments fell to €67.0m for the first nine months of 2010 (same period in 2009: €76.9 million).

Impairments of €127.0m on its property portfolio resulted in a net loss of €45.5m for the first nine months of 2010 (compared with a net profit of €65.4m for the same period last year.

However, BAM expects the net result for the full year to show that the Group will come close to breaking even.

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MPU

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