Profit slump comes as contractor picked to build Olympic Stadium writes off 拢2.6m in 2007

Sir Robert McAlpine has posted a 14% fall in pre-tax profit from 拢53.1m to 拢46m for the year ended 31 October 2007.

The fall came despite a 45% surge in turnover from 拢1.25bn to 拢1.82bn, which represented a margin drop from 4.2% to 2.5%.

Last year鈥檚 margins were so healthy due to a 拢20m recovery cost on Dudley Hospital in the Midlands. Extra costs in 2007 also included write-offs of 拢2.6m (2006: 拢948,000).鈥�

The builder of the 2012 Olympic Stadium was unavailable for comment on the figures but a statement released described the year as 鈥渧ery busy and successful鈥�.

The highest-paid director received 拢737,972 (拢664,261) and the average salary for its 2,834 staff was 拢54,600.

The 拢1.82bn turnover included:

  • Contracting - 拢1.34bn
  • Property - 拢28.7m
  • PFI (including joint ventures) - 拢101.1m
  • Wind energy - 拢318,067.

Last month it was revealed that the company had been dropped from two major developments, including the flagship 拢100m Land Securities Park House scheme in central London. It was also dropped from a 拢140m retail development in Newport, south Wales.

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