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| BAM maintains forecast for 2012 and sets strategic priorities for 2013-2015 Royal BAM, the largest Dutch builder, said revenue from continuing operations of €5,170 million was down by €240 million (-4%) on the comparable revenue for the first nine months of 2011. This decline was due mainly to Civil engineering (-€80 million) and Property (-€96 million). The total result of continuing sectors was €78.3 million, a decline from €118.3 million last year for the same sectors. Total restructuring costs included in the first nine months totaled €16 million, which relates mainly to redundancy involving more than 300 employees. The decline also reflected an operational loss in Property and lower margins at Construction and mechanical and electrical services and Civil engineering. The result at PPP was higher. After lower Group costs and sharply lower interest costs, the result before tax and impairments from continuing operations for the first nine months of 2012 was €69.0 million, equating to a pre-tax margin of 1.3% (9M 2011 including dredging: €102.0 million, a margin of 1.9%). In regional terms, market conditions in most activities in the Netherlands worsened in successive quarters of 2012. Conditions in the other four home markets are relatively stable but challenging. BAM International is showing good momentum, especially in Australia and the Middle East. The total order book for continuing operations closed at 30 September 2012 at €10.9 billion, up by €0.5 billion (+5%) from €10.4 billion at 31 December 2011. BAM continues to forecast a result before tax and impairments from continuing operations for the full year 2012 of at least €100 million. BAM’s strategic priorities for the next three years are centered on further internal improvements to become best in class in all BAM does. This will help protect and enhance market positions in the face of ongoing fierce competition, and is also a necessary foundation for targeted growth initiatives in multi-disciplinary projects, services and international niche markets. write your comments about the article :: © 2012 Construction News :: home page |