The company reported strong performance from Dutch construction and property, good contributions from United Kingdom and Ireland, and underperformance of the large contracts division of Dutch civil engineering.
Revenue was up 7% on 2020. Its adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) were €278m – a margin of 3.8%. The figure for 2020 was €201m.
Bam said that all activities contributed to the operational improvement, with the exception of the large contracts division of Dutch civil engineering.
The company said that it is making good progress with the execution of its new strategy, with continued focus on restructuring of its portfolio, reducing risk and creating a sustainable platform for future growth. For 2022, Bam expects a further improvement of the adjusted EBITDA margin.
The net result was impacted by non-cash impairments of €82m, due to changes in Dutch and UK tax laws and the effect of divestments. The net result of €18m included a non-cash deferred tax charge of €34m and €49m impairments, of which €26m was for divestments.
The company said that its liquidity position is strong at €1.3bn and the capital ratio improved and that the order book remains at a high level.
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