Dutch building firm BAM posted a net loss of €108m in 2014, compared with net profit of €46m in the previous year. Revenue rose by €300m to €7.3bn.

The Dutch construction market is ‘still not easy but there is cautious recovery’, chief executive Rob van Wingerden told Nos news.

‘More homes are being sold … but we see two movements,’ he said. ‘There is a shift towards cheaper homes and the improvement is uneven, with the big cities still outstripping the regions as a whole.’

The company also lost money on some Irish investments ‘reflecting developments in the Irish economy’, he said in a statement.