Sir Robert McAlpine has filed financial results for the year to 31st October 2024 showing a return to profitability.
McAlpine made a pre-tax profit of £10.4m in 2024 compared to a loss of £104.6m in 2023.
Turnover was up 7% at £940m (2023: £880m).
Cash balance at year-end was £143.5m, compared to £100.8m in 2023, and the business remains debt free.
The order book is worth £1.3bn and the company is the preferred bidder for an additional £1.2bn of work. Momentum has continued into the current financial year, with more than £812.8m of work delivered or secured.
The board attributes the improvement in financial fortunes to a new five-year strategy that was launched in 2023, when Paul Hamer was still chief executive. Hamer was replaced in February 2024 by Neil Martin, previously chief executive of Lendlease Europe. The new strategy involved a management restructure based on market sectors rather than regions.
Since the start of the new financial year in November 2024, Sir Robert McAlpine has secured additional works for Agratas at its battery cell manufacturing facility in Somerset and has been appointed by Tata Steel UK to build an electric arc furnace-based steel production facility at its Port Talbot plant. It has also been appointed to build a new 90-bed mental health facility at Tolworth Hospital in southwest London and the North East Space Skills & Technology Centre (NESST) in Newcastle.?
Chief executive Neil Martin said: “In response to the turbulence of recent years, in 2023 we implemented our strategy of Focus and Adapt. We are now starting to see the benefits of this work, as reflected in our stable performance in 2023/24.
“Across the business, our focus remains on client value, operational excellence in delivery and targeting the right opportunities. It is a way of working which allows us to draw deeply on the industry-leading expertise of our supply chain partners all of whom share our commitment to best-in-class delivery.
“We 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.”
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