Construction News

07/07/2014

Royal BAM Group Expects Losses Of €75m

The Royal BAM Group has confirmed it expects losses totalling approximately €75 million.

The firm blames a deterioration of a large civil engineering project in Germany. It also said unexpected problems at a mid-sized UK civil engineering project due to a combination of adverse ground conditions and bad weather contributed to the loss.

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Nico de Vries, Chairman of the Executive Board: "I am extremely disappointed to have to announce these negative developments. Our underlying strategy is the right one, but our delivery has not been good enough. It is fully clear to the Executive Board that BAM must act urgently and decisively to get all parts of the Group to contribute positively to our results."

(CD)

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