Bam Construction has reported a £31.4m pre-tax loss after havingahardtime with high inflation and supply chain insolvency.
The specialist lost cash on profits of £897.6m in the year to 31 December 2023 – representing a little decrease from the £900.9m it turned over in 2022, according to recently released monetary accounts.
“Profitability hasactually been affected by high inflation conditions within the UK and [the] effect of unmatched levels of supply chain liquidations,” stated Bam Construction executive director Kim Sides in a tactical report.
Bam’s earnings increased throughout 2023 as jobs that were stoppedbriefly throughout the Covid-19 pandemic were lastly constructed out. But the firm’s forward-order book stood at simply £606m at year end, 38 per cent lower than the £971.6m overall it published a year earlier.
“Work in hand hasactually minimized in the year as Bam Construction Limited continues to be selective in the tasks it carriesout, and the high inflation and interest environment resulted in hold-ups to brand-new job beginnings,” Sides stated.
“The board thinksabout the existing order book, strong pipeline and focus on driving quality of earnings will offer chance for rewarding development in the future.”
The business ended the year with internet possessions of £365.6m, down from £386.3m a year earlier, consistingof money and money equivalents of £37.6m.
Bam Construction revealed it was making “a little quantity of redundancies” in July 2023, as it unveiled prepares to res