Accounts for the Irish business, filed with the Companies Office this week, record turnover of €423.8m last year – down from €468.3m in 2023.
Profits before tax rose to €23.5m – up from €21.3m in 2023. The business is involved in a range of construction projects in Ireland, including large-scale housing schemes, motorways and schools construction, as well as the highly controversial Children’s Hospital, which is due to be finished next month, the latest in a series of scheduled completion dates.
The costs of the NCH have spiralled from €650m when the contract was awarded to an estimated €2.24bn.
The BAM Ireland accounts suggest there is still a question mark over the final bill. In the latest accounts, BAM said that subsequent to year-end 2024 it had submitted a time-delay claim for increased payment on the NCH project related to the Reflected Ceiling Plan – which is a type of blueprint that itemises work required on ceilings.
BAM believes this will generate “further value to compensate for the significant extra costs caused by this issue”.
The NCH “continues to present challenges from both an operational and financial perspective, especially arsing from the ongoing design changes by the client which continue to adversely impact the project completion programme”, the accounts state.
That points to likely further claims which will potentially push up the overall costs, particularly as the project is still not complete.
In previous accounts, for 2023, Bam Ireland confirmed it secured an extra €107.6m from the State for the much-delayed project.
The new accounts show a significantly bigger dividend of €11m paid to its parent from Irish operations in 2024, despite declining turnover.
The full-year results are the latest filed with the CRO here, but BAM’s stock market-listed parent included newer Irish figures in half-year 2025 results published in July.
Revenue in the first half of 2025 in Ireland was €267m – down from €291m in the first half of 2024. Adjusted earnings (Ebitda) was €15.7m in the first half of 2025, down from €19.3m
Group-wide turnover at Royal BAM Group in the first half of this year was €3.4bn, up 7pc on a year before.
Adjusted earnings of €176m reflect a margin of 5.2pc.
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