Royal BAM Group has reported adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) of €126m ($136.66m) in the first half of 2024 (H1), marking a 6% increase compared to the same period last year.
The company’s revenue also grew by 6% to €3.1bn, primarily driven by its Netherlands division and aided by a favourable British pound exchange rate.
The adjusted EBITDA margin remained consistent at 4.0%, despite the previous year benefiting from the divestment of an office project.
The net result stood at €55m, down from €60m in the first half of 2023, with earnings per share at €0.20. This year’s figures include €4m in restructuring costs.
The company’s order book saw a 12% improvement, reaching €11bn, up from €9.8bn at the end of 2023.
Civil engineering UK was the main contributor to this growth, alongside a €123m boost from the appreciation of the British pound.
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By GlobalDataBAM’s cash and cash equivalents decreased to €453m, attributed to the normalisation of trade working capital.
Operational cash flow remained robust at €111m, slightly down from €113m in H1 2023.
The company’s capital ratio saw an improvement, rising by 1.1% to 24.5% in mid-year 2024.
Royal BAM Group CEO Ruud Joosten said: “The group has delivered a solid performance, despite the negative financial impact from the indoor arena Co-op Live in Manchester and two schools in Denmark. These three projects are almost completed.
“In the next phase of our strategy ‘Building a sustainable tomorrow’ the pillars are ‘Focus, Transform and Expand’, with sustainability and people as key drivers.
“We are confident that our strategy will deliver value to our clients, create development opportunities for our employees, and generate attractive returns to our shareholders, while BAM actively contributes to more sustainable and inclusive communities and society.”
Looking ahead, Royal BAM Group anticipates an adjusted EBITDA margin between 4% and 5% for the full year 2024.
