BAM Nuttall has praised the strong industry and community collaboration that it says helped the company weather the global Covid pandemic and deliver a solid performance in 2020.
In 2020, BAM Nuttall’s turnover exceeded 2019 levels, reaching £844m (compared to £770m in 2019). The challenging 2020 market conditions saw pre-tax profit fall to £11.6m (compared to £15.3m in 2019), with a profit margin of 1.4% (compared to 2.0% in 2019).
However, the company continued to win sustainable work, closing the year with a record £3.4bn order book, compared to £2.5bn in 2019.
Repeat business and high levels of two-stage negotiated contracts, achieved throughout the strategic period 2015-2020, underpin what the company describe as a positive outlook.
The company’s 2020 construction highlights included the April completion of a new 74-metre wharf at Rothera, the largest British Antarctic Survey (BAS) research station and, in December 2020, Farringdon was the first central London project team to complete construction, on behalf of infrastructure manager, Transport for London.
BAM Nuttall’s company performance statistics for 2020 (with 2019 figures in brackets):
- Company turnover: £844m / (£770m);
- Profit before taxation: £12m / (£15m);
- Year end construction work in hand: £3.4bn / (£2.5bn);
- Cash and cash equivalents: £143m / (£159m);
- Shareholder's funds at year end: £122m / (£130m);
- Working capital: £109m / (£92m).
Adrian Savory, BAM Nuttall chief executive, said: “Our strong performance in 2020 was made possible by the resilience and solid collaborative foundation built by our people, suppliers, clients and local communities. We carried on operating safely, profitably and sustainably thanks to our focus on strong client and industry relationships. Our continued success winning sustainable work closed the year with a record £3.4bn order book.
“We thank all our people and their families for their outstanding commitment and contribution which achieved this performance in 2020. And we thank our colleagues working alongside us on projects, from our clients’ and JV partners' and suppliers’ businesses, and across our industry for their mutual support. This year has proved to us all that, together, we can do things so differently when we need to – and do them more safely, sustainably, healthily and inclusively for all.”