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The contractor attributed the drop, from 拢53.1m to 拢46m, to the previous year鈥檚 拢20m recovery cost on its Dudley hospital PFI scheme in the Midlands.

A 拢100m loss on the 拢1bn project, incurred as a result of cost overruns and wrangles about scoping, put McAlpine in the red for three years. The contractor鈥檚 other costs in 2007 included write-offs of 拢2.6m (2006: 拢948,000).

Its turnover leaped 45%, from 拢1.25bn to 拢1.82bn, producing a margin of 2.5%. McAlpine described the year as 鈥渧ery busy and successful鈥�. It was boosted by overseas work, including the US and the Caribbean.

The overall turnover figure included 拢1.34bn from contracting, 拢28.7m from property and 拢101.1m from PFI, including joint ventures.

UK turnover broke the 拢1bn barrier, up 44% from 拢993m to 拢1.4bn. A source close to the company said activity had picked up in the north-east of England and the retail sector.

The company鈥檚 highest-paid director received 拢737,972 (拢664,261) in the year and the average salary across its 2,834 members of staff was 拢54,600.