BAM Q1 2023 trading update


BAM reports an EBITDA of €58 million (around £50.7 million) in the first quarter of 2023, reflecting an adjusted EBITDA margin of 4%. 

BAM logo.
Credit: BAM UK and Ireland.

The Royal BAM Group’s first quarter trading update shows a stable cash position and improved capital ratio, with the UK division performing better than the previous year. 

Despite the effects of political and macroeconomic factors, the Dutch firm intends to achieve its 2023 strategic targets by the end of the year. 

Key insights 

The report revealed: 

  • Revenue in the Netherlands, the UK and Ireland increased by 4%. 
  • Total revenue declined by 6% due to divestments in 2022. 
  • Adjusted EBITDA of €58 million (Q1 2022: €97 million, included €16 million settlement sea lock IJmuiden, €11 million revaluation of hedge instruments, and €10 million from divested companies)
  • Liquidity position of €0.7 billion (around £610.7 million) and higher trade working capital. 
  • The capital ratio increased to 22.6%, compared to the end-of-year 2022 ratio of 21.2%. 
  • Order book maintained at €10 billion (around £8.7 billion). 

Full scope

The UK government’s continued investments in infrastructure and energy projects supported the UK and Ireland division’s overall positive performance. 

In April, BAM was re-appointed to the Environment Agency’s £5.2 billion Collaborative Delivery Framework (CDF) for further projects to mitigate climate change and protect against coastal erosion and flooding.

BAM latest 

BAM Farrans Joint Venture (BFJV) is set to complete Herring Bridge for Norfolk County Council in the summer, which they began in January 2021. 

Further west, BAM Nutall repaired and constructed a sea wall on the coast of Devon, its two sections spanning 360m and 415m, respectively. 

On the first quarter report, Royal BAM Group CEO Ruud Joosten said: “We see attractive market opportunities supported by demand for decarbonisation, critical infrastructure and sustainable buildings, where we have proven market-leading capabilities. Industry-wide pressure within supply chains cost inflation and challenges to retain staff are ongoing.” 

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