Sir Robert McAlpine profit slumps by almost a quarter

Sir Robert McAlpine’s profit after tax fell 23% last year according to results posted by the Olympic stadium’s contractor. Profit after tax for the year ending October 2010 was £24.7m, down from £32.2m the previous year.   

Turnover also slumped by nearly a third to £647m from £976m in 2009.

The firm, however, did land some significant contract awards during the year and has a healthy cash balance of £228m.

Alongside that, work on the 80,000 seat Olympic stadium development is almost concluded, with completion scheduled for spring 2011.

Sir Robert McAlpine discontinued its wind renewables business in 2009 and reduced its staff numbers across the group by almost a third.