McAlpine reports £110m loss and drop in revenue

Sir Robert McAlpine reported a £206.3 million operating loss and a £986.1 million drop in annual turnover in their latest financial results.

A challenging year for the family-owned construction contractor was marked by a 17 per cent decline in revenue from £1.08 billion in 2022 to £880.6 million in 2023.

Meanwhile, the company reported an operating loss of £109.9 million in 2023 compared to a profit of £9.6 million in 2022.

However, McAlpine did see resilience with a healthy cash position of £100.8 million at year end with no debt.

The contractor remained hopeful with a robust pipeline of work and Half Year results for 2023-24 in line with expectations.

At the end of April 2024, it reported £105 million in cash and an order book totalling £1.4 billion, an increase of £271 million since the end of FY23.

McAlpine CEO Neil Martin, who was appointed to the position in February replacing Paul Hamer, reflected positively on their Half Year results despite the previous challenging year.

Martin said: “We faced a challenging year in 2023, but our resilience and the support of our shareholders allowed us to weather the storm. 

“We have already seen a positive shift in performance in the first half of 2024. 

“Thanks to our focus on operational excellence and on targeting quality work-winning opportunities for long-term clients in our core sectors, we are playing to our strengths. 

“As the company celebrates its 155th Anniversary this year, I have every confidence that the business is on the right path for long-term success.”

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