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Sat February 27 2021

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McAlpine turnover hits £1bn pre-Covid

22 Oct 20 Sir Robert McAlpine has published pre-Covid financial results revealing 28% growth in turnover and profits doubling.

McAlpine projects during the year included the new roof of the No.1 Court  at the All England Lawn Tennis & Croquet Club in Wimbledon, south London
McAlpine projects during the year included the new roof of the No.1 Court at the All England Lawn Tennis & Croquet Club in Wimbledon, south London

For the year to 31st October 2019, Sir Robert McAlpine turned over £1,009m (2018: £788m) and made a pre-tax profit of  £14.5m (2018: £7.4m).

Cash balances were £94m at year-end with no debt.

However, this year’s results are unlikely to repeat that performance. McAlpine furloughed around half of its employees back in March to protect cash flow and liquidity. While most are now back at work, 6% have been laid off in a restructure.

“Having navigated the initial challenges of the crisis and taken strategic action to manage cost, the company retains a cautiously optimistic outlook, thanks to a resilient cash balance and a strong secured pipeline of work,” according to a company statement.

As part of a restructure, McAlpine has created expanded operating regions for the North and the South, sitting alongside its existing London region and Civil Engineering & Infrastructure business.

It intends to concentrate on major projects in key sectors, listed as infrastructure, healthcare, commercial offices, residential, leisure and heritage.

Chief executive Paul Hamer said: “There is still a great deal of geo-political uncertainty and unpredictability with respect to Brexit and a trade deal, Covid-19 and the wider economy, but we are grateful to have a healthy pipeline of work and strong and enduring client relationships. Our focus on vital sectors such as healthcare, education and infrastructure stands us in good stead to weather any ongoing economic storms.”

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