Sir Robert McAlpine back in profit despite ‘volatile market’

SIR Robert McAlpine has revealed a return to profit in the firm’s latest financial results.

Announcing results for 2017-18, the contractor reported a profit of £6.7 million compared with a loss of £34.2 million in the previous 12 months, despite a ‘volatile market’.

Turnover is down, however, from £852 million to £788 million.

Cash balances were £73 million compared to £66 million at the end of the previous year, with no debt.

Sir Robert McAlpine said the upward curve’ in performance puts the firm in a strong position of ‘financial resilience’ and leaves it ‘ideally situated’ to successfully deliver its new business strategy.

This five-year plan, introduced by chief executive Paul Hamer at the end of 2018, aims to establish the firm as ‘the best place to work’ and ‘the best builder.’

Paul Hamer said, “This performance, alongside continued financial resilience and a healthy secured pipeline of work, represents a solid stepping stone to deliver sustained performance and profitability over the years ahead. Our strategy will continue to focus on working with clients who share our business values and ideals and to prioritise profitability and risk mitigation over turnover growth.

“With our new five-year strategy in place, we have the opportunity to build on our strengthening performance as we work to deliver on our ambition to become the best builder in the UK and the best place to work.”