€d_Modus Vivendi schreef op 12 augustus 2014 19:23:
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Bam issues statement to clarify position after shares crash
11 August, 2014 | By Lucy Mair
Royal Bam has issued a statement confirming it expects to break even in the first half of 2014, following a sharp dip in its share price on Friday.
On Friday 8 August, the share price of the Netherlands-headquartered parent of Bam Construct and Bam Nuttall dropped to €1.67 (2€) per share, from €2.02 per share the day before.
Today, Royal Bam confirmed it would report its half-year results on 21 August as scheduled, and that it expects a break-even result before tax for the first six months of the year.
Following the statement, its share price recovered to €1.91 per share at 9am, €2.09 at 10am, and stabilised at €2.08 per share by 2.50pm (CEST).
Last month, the group announced it expected to be hit by losses of around €75m (74€m), with “unexpected problems” at a UK project, bid on in 2012, contributing to the loss – in addition to a problem contract in Germany.
It also announced the implementaion of a cost-reduction programme to save around €100m (99€m) by the end of 2015, and to improve working capital across the group by at least €300m (296€m) during the same period.
In the statement issued today, the firm said: “The situation in relation to the two civil engineering projects referenced in the press release of 7 July is stable and unchanged.
“Regarding the actions announced on 7 July, Bam confirms the intended scope of cost reduction, working capital and divestment programmes.”
It added that the group was within all of its banking covenants at 30 June 2014.
When the profit warning was issued on Monday 7 July, the share price fell by more than €1 per share to €2.61 per share from €3.67 the previous Friday.