Firm had plunged to 拢100m-plus loss in 2023 but posts 拢10m profit in latest set of numbers

Sir Robert McAlpine returned to the black last year as the rebuild started by new chief executive Neil Martin began to pay off.

The firm had sunk to losses of more than 拢100m in 2023 which it blamed on four problem jobs and restructuring costs.

But in its latest set of numbers announced this morning, McAlpine posted a pre-tax profit of 拢10.4m in the year to 31 October on income up 7% to 拢940m. Operating profit during the period was 拢2.6m from last year鈥檚 拢110m operating loss. Cash at the year-end was up from 拢101m to 拢144m with the firm adding it was debt free.

mcalpine crane

McAlpine is working on building a new office tower called 2 Finsbury Avenue at British Land鈥檚 redevelopment of Broadgate in the City

Martin was brought in last February to replace previous boss Paul Hamer who left following seven years in the post.

In a note on directors鈥� remuneration in the accounts, McAlpine said it paid out 拢468,000 in 鈥渃ompensation for loss of office鈥� during the period although it did not specify to whom.

And the accounts show that the highest paid director, also not named, was handed just over 拢1m last year 鈥� close to double the 拢597,000 they picked up in 2023.

Martin said the improved results were a consequence of its so-called Focus and Adapt strategy which it had begun under Hamer. McAlpine鈥檚 reset has seen it focus on priority sectors and core geographies and move from a regional to a national, sector-focussed model.

Paying tribute to Martin鈥檚 stewardship so far, chairman Ed McAlpine said: 鈥淣eil鈥檚 infectious energy and strong leadership have been instrumental in helping drive the improvements we have seen in the business and honing our focus as an organisation.鈥�

neil 2

Neil Martin became McAlpine鈥檚 new chief executive last February, replacing Paul Hamer

Martin called last year鈥檚 results 鈥渟table鈥� and added: 鈥淥ur focus remains on client value, operational excellence in delivery and targeting the right opportunities.

鈥淲e continue to feel a strong pull from existing and new clients who recognise our ability to deliver sustainable engineering solutions to complex construction challenges. Our pipeline is strong, and I am confident that through the talent and commitment of our people, we are on the path to a bright future.鈥�

The firm, which is one of three pricing a 拢600m deal to redevelop the British Library, said its order book stood at 拢1.3bn while it is preferred bidder for an additional 拢1.2bn of work.

Its ongoing jobs include the 2 Finsbury Avenue tower in the City for British Land and a scheme to build a new battery cell manufacturing facility in Somerset for Tata subsidiary Agratas.

 The number of employees during the period fell from 2,083 to 1,838, a fall of 12%.

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