{"id":507691,"date":"2024-10-14T12:33:42","date_gmt":"2024-10-14T11:33:42","guid":{"rendered":"https:\/\/www.constructionnews.co.uk\/?p=507691"},"modified":"2024-10-14T12:33:42","modified_gmt":"2024-10-14T11:33:42","slug":"profit-surges-at-prudent-bam-nuttall","status":"publish","type":"post","link":"https:\/\/www.constructionnews.co.uk\/financial\/profit-surges-at-prudent-bam-nuttall-14-10-2024\/","title":{"rendered":"Profit surges at \u2018prudent\u2019 Bam Nuttall"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Bam Nuttall saw its pre-tax profit soar to \u00a364.4m 2023, largely driven by the resolution of legacy projects.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Turnover of \u00a31.21bn generated a pre-tax profit for the year ending 31 December 2023 that was 16 times higher than the previous year\u2019s figure of \u00a34m, its latest accounts show. This marked a 14 per cent rise in revenue on the previous year\u2019s total of \u00a31.07bn.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bam Nuttall\u2019s margin therefore broadened from 0.4 per cent in 2022 to 5.3 per cent, \u201clargely due to resolution of legacy projects and increased interest receipts following the rise in interest rates in 2023\u201d, according to the accounts.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cAs anticipated, we returned to expected underlying levels of profitability in 2023,\u201d Bam Nuttall executive director Huw Jones said in his foreword to the accounts filed with Companies House on 11 October.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">He added: \u201cWe have continued a prudent growth strategy by securing sustainable revenue through selective tendering with our strategic clients.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The firm\u2019s cash at hand decreased slightly from \u00a3152.5m to \u00a3146.6m at the end of 2023, although it remained free of bank loan debt.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Shareholders received \u00a38.5m in dividends compared with \u00a39m in 2022.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bam Nuttall\u2019s average monthly headcount grew from 3,476 to 3,503 and Jones said \u201cwe anticipate recruiting further in 2024\u201d.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The annual wage bill broke the \u00a3200m barrier, at \u00a3202.3m.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Successes in 2023 included a place in a joint venture with Siemens Energy as one of 10 preferred bidders on SSEN Transmission\u2019s \u00a310bn Accelerated Strategic Transmission Investment framework.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On the other hand, in July last year, Bam Nuttall <\/span><a href=\"https:\/\/www.constructionnews.co.uk\/civils\/new-contractor-sought-for-200m-link-road-as-bam-departs-19-07-2023\/\"><span style=\"font-weight: 400;\">left a delayed scheme to build a link road between the M54 and M6 motorways<\/span><\/a><span style=\"font-weight: 400;\">, valued at between \u00a3175m and \u00a3200m.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Looking ahead, the firm is involved with the early-stage development of small modular nuclear reactors in the UK. In September, it was<\/span><a href=\"https:\/\/www.constructionnews.co.uk\/civils\/major-contractor-partners-named-on-small-nuclear-reactor-shortlist-30-09-2024\/\"> <span style=\"font-weight: 400;\">shortlisted alongside fellow contractor Laing O\u2019Rourke<\/span><\/a><span style=\"font-weight: 400;\"> in a consortium led by defence and aerospace firm Rolls-Royce.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Jones said \u201cour outlook remains optimistic but cautious\u201d. Bam Nuttall\u2019s order book stood at \u00a32.6bn at the end of last year, but he noted that the firm \u201cwill be applying a conservative approach to 2024 and beyond\u201d.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In particular, directors are monitoring the changing UK political landscape following the general election in July \u201cand the ongoing post-pandemic recovery investment by the government\u201d, he added.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Jones said: \u201cThe directors have put various measures in place to deal with scenarios that may arise.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bam Nuttall saw its pre-tax profit soar to \u00a364.4m 2023, largely driven by the resolution of legacy projects. Turnover of \u00a31.21bn generated a pre-tax profit for the year ending 31 December 2023 that was 16 times higher than the previous year\u2019s figure of \u00a34m, its latest accounts show. This marked a 14 per cent rise &#8230;<\/p>\n","protected":false},"author":135716,"featured_media":369320,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"footnotes":""},"categories":[549,552,528],"tags":[],"class_list":["post-507691","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-civils","category-financial","category-bam-construct"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.7 (Yoast SEO v26.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Profit surges at \u2018prudent\u2019 Bam Nuttall | Construction News<\/title>\n<meta name=\"description\" content=\"A selective approach to tendering paid off last year for civils contractor Bam Nuttall, according to the firm\u2019s latest annual accounts.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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