deze dan, is al weer vergeten na dit weekend.
Office sector demand helps BAM revenues rise to €306m
Friday, September 26, 2014
By Peter O'Dwyer
Reporter
Construction firm BAM Ireland recorded a 22% rise in profits last year as a number of big domestic and international projects, allied with improving demand in the office sector, pushed pre-tax profit to €7.5m.
Revenues at BAM — formerly known as Ascon — also rose in the year, climbing 31% from €234m to €306m.
The group’s results, released yesterday, also show the company has a healthy cash balance and no bank debt, while BAM chief executive, Theo Cullinane attributed the company’s strong set of results to improving private demand.
He said: “We had a strong performance in 2013 and improved and strengthened our financial position through a number of significant projects... While general construction activity remains challenged, there is an increase in private sector investment particularly in the office sector, driven by FDI demand.
“We have a good order book and the PPP stimulus package of €2.2bn now approaching construction stage offers a positive outlook and we are confident of picking up a significant number of related projects,” added Mr Cullinane.
New public works contracts, however, are hampering efforts to deliver complex construction projects in the public sector, the company warned.
“Regrettably, our experience in recent years with the ‘new’ forms of contract for public works has proven difficult and they mitigate against a partnership approach which is essential for the successful delivery of complex construction projects...
“Public sector forms of contract have proven adversarial which industry analysts predicted, and combined with an undesirable push to arbitration to settle accounts, it is easier to conduct business in the private sector,” Mr Cullinane continued.
Recent projects delivered by BAM include the Newland’s Cross PPP road project in Dublin; the refurbishment and expansion of Sligo IT’s Science Building; and the construction of a new stadium and hotel development in the United Arab Emirates.
The Dublin-based contractors are also about to commence work, along with John Cleary developments, on a new 45,000sqm office on Albert Quay in Cork city centre.
BAM’s wage and salary costs rose by almost €5m as its workforce increased to an average of 681 employees over the course of the year.
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