Sir Robert McAlpine profits fall 38%

Aaron Morby 10 years ago
Share

Sir Robert McAlpine has become the latest contractor to suffer a sharp fall in profits as the building market contracts.

Despite completing the London 2012 Olympic stadium, booked profits plummeted 38% to £19m in the year ending October 2011.

But several big projects like the Olympic Stadium, Manchester Metropolitan and Northumbria Universities helped lift turnover 10% to £743m.

Results for the contractor’s private holding company Newarthill group show it ended the year with £300m cash and staff levels virtually the same as last year at 1,956.

The group said: “Although it is expected that the UK construction market will remain challenging, our strong balance sheet, stable and significant cash balances, combined with negligible borrowing leave the group in an excellent position to exploit profitable opportunities as they arise.”

This year McAlpine has picked up the two biggest London building contracts let in 2012, a £450m contract for Bloomberg’s new head quarters and the £650m new US Embassy in joint venture with US partner B L Harbert.

Latest news

Pagabo names £1.6bn civils framework winners

Forty eight firms secure spots on new civils and infrastructure framework
2 days ago

£1.25bn Stonehenge tunnel job winner revealed

Spanish, Italian, and Austrian JV scoops A303 Amesbury to Berwick Down scheme
3 days ago

Altrad swoops for Doosan Babcock

Over 4,000 staff will transfer to the fast-expanding industrial services group
2 days ago

Suspended jail sentences after fatal roof fall

Court sentences two men after hearing of safety failures on over-cladding job
2 days ago

McAleer & Rushe on track for record £425m revenue

Revenue and profit return to pre-pandemic level as focus grows on high-rise flats
2 days ago

Domis on the hunt for subcontractors and suppliers across Cornwall

Contractor hosting meet the buyer event to set-up local supply chain for string of major projects
2 days ago

Lendlease £140m hospital claim to hit High Court

Cramlington hospital trust claims for new temporary building while remediation works carried out
2 days ago

Balfour bags £50m Piccadilly Line upgrade

First award under latest London Underground High Voltage Power framework
2 days ago

Cash runs out on HS2 old Curzon Street station refurb

Laing O'Rourke/Murphy JV halts work on historic station renovation
3 days ago

MPs call for cut in building demolitions to save carbon

Watchdog MPs set out urgent plan to prioritise retrofit and reuse of buildings over new build
3 days ago

Structure Tone stems losses as order book grows

Fit out specialist racks-up £4m loss but is confident of turnaround this year after restructuring
3 days ago

Construction leaders launch inflation busting taskforce

All sides of industry urged to work together rather than row over price hikes
3 days ago

HG Construction names next chief executive

Adam Quinn, son of one of the MBO founders, to take the reins in July
3 days ago

Lendlease Stratford IQL blue towers approved

35- and 14-storey hexagonal blocks will provide 350 flats
3 days ago

Track worker killed by train was controller of site safety

Distracted rail worker "lost awareness of his position relative to the line the train approached on"
3 days ago

MechFS went down owing £9.5m to supply chain

Subcontractors left holding millions in worthless invoices
4 days ago

HG Construction profit jumps 50% to £25m

Multi-storey homes and student accommodation jobs drive sales to record £243m
4 days ago

Go-ahead for Newcastle’s largest build to rent project

Work to start on 14-storey flats complex in the autumn
4 days ago

Contractors wanted for £288m Northumbrian Water frameworks

Ten lots up for grabs under latest major civils deal
4 days ago

Plans in for 142-room Exeter net zero hotel

RED Construction to build first of hotel developer's planned chain of net zero hotels
4 days ago

Rail workers vote to strike over maintenance job cuts fears

Network could grind to a halt next month
4 days ago

Race for £100m Immingham ferry terminal job

AB Ports aims to start work in mid 2023
5 days ago

Sisk wins Stockport £60m Weir Mill restoration

Work to start next month on 250 flats scheme
5 days ago

Developer swoops for 1,000-flats landmark Leeds site

Revised plans to be submitted by the end of the year for start soon after
5 days ago

Dominvs seals £173m funding for 713-bed student job

HG Construction to start major Hammersmith student complex in November
5 days ago

Briefings start for £1bn Midland Mainline Electrification plan

Market engagement starts for next seven sections covering 139km route to Sheffield
5 days ago

Forterra pushes back £27m factory refurb plan

Supply chain shortages hit project as brick prices rose another 12% last month
5 days ago

Speedy Hire results slowed down by KPMG

Hire giant left "frustrated and disappointed" by delay request from auditor
5 days ago

London office starts set to surge over next 6 months

Deloitte Crane Survey predicts jump in starts in Capital despite high building costs
6 days ago

Fit-out firm BW Workplace slips into the red

£5.2m backdated R&D tax credit deal lifts after tax performance
6 days ago

Contractor services