Bauer has reported that revenues for 2014 were up 3.7% from 2013 levels despite losses on a major US project, continued restructuring of its resources business.
The company achieved a net profit of €15.7M (£11.4M) for 2014, compared to a €19.4M (£14M) loss in 2013, as a result of sales valued at €1.56bn (£1.13bn) last year.
In a statement, the company said: “The result was encumbered in the past year by further losses from the major Center Hill Dam project in the US, on-going restructuring in the resources segment as well as weakness in the mining business. One-time income was achieved through the sale of 21% of shares in the subsidiary in Oman.”
Bauer has not released details about the problems on the Center Hill Dam project but said that its construction business has also been affected by a change in its work load from one that was characterised by major project in 2013 to a wider spread of small to medium projects last year.
Bauer chairman of the management board Thomas Bauer said: “2014 brought some successes, but overall we cannot be satisfied.”
Commenting on the current financial year, Bauer said: “We are confident that we will be able to perform well in our challenging markets, even though we will probably still be confronted with numerous geopolitical and global economic risks.”
In its statement, Bauer said that it expects revenues to reach €1.6bn (£1.16bn) in 2015 and to record a profit after tax of €18M to €23M (£13M to £16.6M).