‘Strong’ results for BAM UK & Ireland

Group revenue for the first nine months of 2024 was £3.84 billion (€4.61 billion), up two per cent from £3.78 billion (€4.53 billion) by Q3 the year previous.

While this was mainly driven by the group’s Netherlands division, UK and Ireland, Civil engineering UK delivered strong results supported by a high activity level.

However, the performance of Construction UK continued to be impacted by earlier reported project delays and supply chain issues.

But the group cited an “attractive pipeline of education schemes” including:

• An academic building for the University of South Wales
• A community diagnostic centre for the University Hospitals Plymouth NHS Trust
• The construction of a second track of the Glounthaune to Midleton rail line in Ireland 

Meanwhile, the group reported an adjusted EBITDA of £169 million (€202 million) in first nine months, with an adjusted EBITDA margin of 4.4 per cent.

The group’s cash position remained ‘solid’ at £381 million (€457 million), and increased its order book to £9.73 billion (€11.7 billion) compared with £7.83 billion (€9.4 billion) over the same period the previous year

Ruud Joosten, CEO of Royal BAM Group: “Most of BAM’s activities performed well in the third quarter. 

“In division United Kingdom and Ireland, the businesses Civil engineering UK, Ventures and Ireland delivered again a strong performance. 

“Our adjusted EBITDA margin of 4.4 per cent over the first nine-months is impacted by project delays and supply chain issues at school projects in Denmark and in Construction UK. 

“The results in the third quarter included €9 million for the revaluation of the earnout for Invesis. 

“Our expansion in the energy transition and rail infrastructure markets is illustrated by some major multi-year project wins in Civil Engineering UK; the Orkney-Caithness link project (energy transmission) and the Transpennine route upgrade (rail infrastructure).

“De-risking our portfolio remains fundamental to our strategy; I am pleased with the positive development of BAM’s well diversified order book.

“We are confident that our strategy will deliver value to our clients, create development opportunities for our employees, and generate attractive returns to our shareholders, while BAM actively contributes to more sustainable and inclusive communities and society.”

Was this interesting? Try: Confidence in construction growth at ten-month low

If you have a tip or story idea that fits with our publication, please contact the news reporter miles@wavenews.co.uk