The savings push was launched in July following a series of unexpected losses on projects.
The cost reduction programme started after BAM revealed losses of £60m on “a mid-sized UK civil engineering project which was bid for in 2012″ and deterioration of a large civil engineering project in Germany.
BAM blamed the losses on the UK job on “a combination of adverse ground conditions and bad weather.”
The problem contract dragged BAM’s UK operation into a £3.8m loss for the first half of this year on a turnover of £927m.
Overall the group broke even during the period despite a £3,382m global turnover.
BAM said the cost-cutting programme would include “restructuring and streamlining of the operating company structure” and “intensification of programmes to improve tendering procedures and execution of projects.”