Sir Robert McAlpine profit rises 80% despite turnover drop

Sir Robert McAlpine has reported an 80% increase in profit, boosted by several lucrative stadia construction contracts, despite a turnover fall.

The contractor, which filed its annual results under parent Newarthill at Companies House, delivered a £61m pre-tax profit for the year to 31 October 2009, compared to £33m in the previous year.

Group turnover, excluding its share of revenue from joint ventures, fell 8% to £1.56bn.

McAlpine's property business had a difficult year, with turnover at the division dropping from £45m to only £1.3m.

The business had net cash of £92.3m at the end of October 2009.

McAlpine is building the 80,000 capacity Olympic Stadium in Stratford, east London. Its other stadia projects include the National Indoor Sports Arena and the Sir Chris Hoy Velodrome in Glasgow.

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