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McLaren鈥檚 construction arm has posted a 拢15.4m pre-tax loss in its latest results after being hit by a 鈥渟mall number of loss-making contracts鈥�.

In the financial results for its construction arm to the year ending July 2015, filed at Companies House, the contractor posted the pre-tax loss after recording a 拢4.3m pre-tax profit the previous year.  

But the division鈥檚 overall loss was reduced to 拢11.7m after it received a 拢3.7m tax rebate. It added that it has now completed these loss-making contracts.

Revenue was also down to 拢378m in the construction division, compared to 拢413m the year before.

McLaren said its 鈥渓ong duration and complex鈥� projects were secured in 鈥渆xtremely competitive market conditions鈥� and were completed in a period of 鈥渞apidly rising sub-contract prices鈥�.

Commenting on the results, McLaren chairman Kevin Taylor said: 鈥淭here are now promising signs that margins are improving across the whole construction industry.

鈥淲e see signs of this within our business and forecast a profitable outcome for our construction division for the current trading year.鈥�

In a snapshot of the overall group results, which are expected to be filed by July this year, McLaren said group turnover was up to 拢449m, compared to 拢433m the previous year.

The firm said it made an overall profit 拢14m, up from 拢11m last year, after a strong performance in its property division 鈥� which it said posted a profit of 拢26m on turnover of 拢71m.