Civil engineering firm, BAM Nuttall has reported a strong and resilient performance in its latest financials, overcoming significant industry challenges to deliver “safe, sustainable, and profitable” operations, including a more than 40 per cent increase in both its pre-tax and operating profit.
The Surrey-based company achieved a turnover of £1.3 billion (FY2023: £1.2 billion) for the year ended 31 December 2024 in the face of, what it said were, challenges experienced in the industry, including the cost of living crisis, skills shortages, inflationary pressures and the “ever increasing need to manage cyber-security”.
Part of the Royal BAM Group, a larger Dutch construction and engineering company, it achieved a pre-tax profit of £91.2 million, up 41.6 per cent from 2023’s £64.3 million, reflecting a net margin of 6.7 per cent (FY2023: 5.3 per cent).
It said its turnover and pre-tax profit exceeded its forecast largely due to a continued focus on project selection and a resolution of legacy projects.
Its operating profit and profit for the year increased by 42.6 per cent and 32.7 per cent, respectively. With operating profit coming in at £76.2 million (FY2023: £52.1 million) and profit for the year at £65.9 million (FY2023: £49.7 million).
Meanwhile its cash in hand remained stable at £666.5 million (FY2023: £663.4 million).
The directors declared a handsome dividend of £24.6 million, well above the £8.5 million paid in FY2023.
The year saw it involved in several key projects, including the Eastern Green Link 2 (EGL2) £4.3 billion project, the UK’s largest high-voltage direct current (HVDC) subsea transmission electricity cable project, as it closed 2024 with an order book valued at £4.2 billion.
“Thanks to the quality and commitment of our people, partners, and clients, and their ongoing support and encouragement, we continued to see shining examples of excellence in the delivery of our work and secured sustainable work for the future,” said executive director, Huw Jones.
The company credited its performance to strategic partnerships, visible leadership, and the flexibility of its workforce.
While digital construction tools and models enhanced remote planning and delivery.
BAM Nuttall also strengthened its wellbeing and flexible working initiatives, supporting a growing and adaptable workforce – with 2024 seeing 3,542 paid staff (FY2023: 3,503) with more expected to be employed in 2025.
As part of BAM UK & Ireland, the company remains cautiously optimistic for 2025, with a focus on selective tendering, sustainable growth, and digital innovation to navigate ongoing global uncertainty.
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