Turnover at BAM Nuttall Ltd in 2014 rose to £774 million compared with £756 million in 29013, but the firm posted a £20 million loss for the period, according to the latest report and accounts filed with Companies House yesterday.
The Directors’ strategic report said that while increased scrutiny and selectivity in contract management had resulted in strengthened performance across the business, the good work had been offset by one extremely challenging contract which had resulted in a significant loss for the company. Commenting in the report, Chief Executive Stephen Fox:
“The Directors are deeply disappointed at having to report this and the project in question has obviously drawn a very significant amount of management time.”
The report says this is “now under control” and the contract will be “substantially completed” during 2015.
BAM Nuttall is a Tier 1 contractor in the water sector – clients include South East Water, Northumbrian Water and Welsh Water.
The firm has been appointed to deliver the western section of the Thames Tideway Tunnel in joint venture with Morgan Sindall plc and Balfour Beatty Group Limited. The project is valued at £416 million to the joint venture.
The company’s framework with the Environment Agency on flood and coastal erosion projects over four years is also described as delivering a steady workload. The Framework partnership started work in 2014 on the Recovery Programme set up to restore flood risk assets damaged across the UK by the winter floods.
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