Contractor’s decline in profit and turnover comes despite some big contract wins
Sir Robert McAlpine’s profit after tax fell nearly 25% last year according to results posted by the Olympic Stadium’s builder. Profit after tax for the year ending October 2010 was £24.7m, down on £32.2m from 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, including the Milton Court residential development, an extension to the Edinburgh International Conference Centre and a new operations centre for American Express in Brighton.
Sir Robert McAlpine also possesses a healthy cash balance of £228m.
Alongside that, work on the 80,000 seat Olympic stadium development has been 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.
In its financial statement, the London based company said: “In a demanding market the company continued its strategy of pursuing work only where margins adequately reflected the inherent risks of the project.
“The outcome of this approach is another profitable year and confidence that the company will continue to trade profitably.”