BAM Construction falls into red as the company takes a £31.4 million loss in its latest financial results.
Revenue for the year ended 31 december 2023 was £897.6 million, a slight dip from 2022 with £900.9 million).
The company was quick to note that revenue increased during the year as they picked up and completed projects previously halted by Covid-19.
However, the construction firm suffered a pretax loss of £31.4 million in 2023 compared to £21.6 million profit in 2022.
Bam’s operating loss in 2023 was £31.1 million from £21.9 million profit in 2022.
The company cited a number of conditions within the UK as the reason for their significant loss.
The statement stated: “Profitability has been impacted by high inflation conditions within the UK and impact of unprecedented levels of supply chain liquidations.”
These issues, plus being selective over projects and high interest environments meant delays to new project starts.
The value of its forward order book stood at £606.0 million, sliding down from £971.6 million in 2022.
Nevertheless the company’s board expects its current orderbook, strong pipeline and focus on driving quality of revenue an opportunity for profitable future growth.
In terms of cash, the company was in a healthy position at £37.6 million (FY2022: £36.5 million).
In June this year, Bam had been consulting on 40 jobs to be potentially cut within UK and Ireland construction, following the Dutch company’s plan to restructure the construction division from seven operating regions to five in 2023.
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