Contractor anticipating expansion of order book this year
Bam Construction has reported a loss of 拢31.4m in 2023.
According to annual results posted at Companies House, profitability in the year to 31 December 2023 was impacted by high inflation and 鈥渦nprecedented levels of supply chain liquidations鈥�.
The loss compared unfavourably to the profit of 拢21.6m recorded in the year prior.
Revenue was also down, from 拢900.9m to 拢897.6m.
The value of Bam Construction鈥檚 forward order book stands at 拢606m, down from 拢971.6m at the end of the previous year.
According to the group: 鈥淥rderbook has been impacted by project commencement delays as we support customers in addressing affordability challenges, through extended PCSAs, as a result of the inflation and interest rate environment.
鈥淭his is showing signs of easing with increased numbers of projects expected to come to market in 2024鈥�
In interim results published last month, Bam revealed it had lost a further 拢20m in the six months to June this year.
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It blamed this on project delays and supply chain issues 鈥渁nd included a substantial loss in the second quarter of 2024 for Co-op Live in Manchester鈥�.
The 拢20m figure is set to grow as the job is still not finished although the firm said that it, along with two problem school jobs in Denmark, 鈥渁re almost completed鈥�.
The company recently began a redundancy consultation with 40 staff working at the Northern and London arms of its construction business.
The firm employs 2,200 people across its UK construction division.
It has five regional business units - covering Scotland, Northern, Central, London, and Western - having undertaken a restructure to reduce this number from seven in July 2023.
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