Royal BAM has turned around 2014's loss-making position at the half-year stage into a profit this year.

In the first fix months of 2015, the company made a profit of €3.9m compared to the €3.8m loss during the same period in 2014.

The Dutch-based group reported revenue was up to €1,093m, an 18% increased from €927m.

Rob van Wingerden, CEO of Royal BAM, said: "BAM continued to move in the right direction in the first half of 2015. The Back in Shape programme, which has been underway now for ten months, is making fundamental improvements in our culture, structure and processes.

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"The working capital reduction programme is strengthening our net cash position and the savings from non-project overheads are coming through.

"The order book is improving as new projects are being won under the enhanced procedures and existing projects get nearer to completion."

He added: "Completing the Back in Shape programme remains our key priority in the second half of 2015. We will take this momentum forward into 2016 and beyond, so that the next phase of BAM's development will deliver improving performance.

"We have started the process to update BAM’s medium-term strategy, and will announce our plans in February 2016."

(LM/MH)