Sir Robert McAlpine has returned to profitability for the year to 31 October 2018.
The contractor, which is marking its 150th anniversary this year, posted a £6.7m profit for the year following a £34.2m loss in the previous period, caused by problems on three waste-to-energy projects, a sector it has since exited.
Turnover, including share of joint ventures, was down slight at £788m (2016/17: £852m).
Cash balances were £73m (£66m) at year end and the company has no debt.
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McAlpine, which is working on the Elizabeth Tower restoration at the Palace of Westminster, haled the “positive set of results… against the backdrop of a highly competitive UK construction market”.
During the year, McAlpine commenced work on projects including 55-91 Knightsbridge in London, the refurbishment of St Enoch Centre in Glasgow, 35 years after building the original, and the refurbishment of the grade II listed Newcastle Civic Centre, 50 years after first constructing the city landmark.
The company is working to a five-year strategic plan which was introduced by chief executive, Paul Hamer, at the end of 2018
Hamer said: “This performance, alongside continued financial resilience and a healthy secured pipeline of work, represents a solid stepping stone for the business. Our strategy will continue to focus on working with clients who share our business values 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 place to work in the construction industry and the best builder in the UK.”
