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Contractor Sir Robert McAlpine saw a fall in profit of 38% over the past year, although revenues rose 10% to 拢742m.

Results for the contractor鈥檚 private holding company Newarthill, for the year ended 31 October 2011, showed contracting revenues for Newarthill rose 10% from 拢673.8m to 拢742.9m over the year.

But the results showed operating profit for its contracting work falling 38% from 拢30.8m to 拢19.2m.

The firm said its contracting revenues remained concentrated in the commercial, residential, leisure, education and infrastructure sectors.

The group said: 鈥淚n an increasingly demanding market our construction company continued its strategy of pursuing work where margins adequately reflected the inherent risks of the project.

鈥淭he result of this approach is another successful year and continued confidence in the future operations of the company. There was an increase in opportunities in the latter part of 2010 resulting in growth in turnover and order book in 2011.

鈥淎lthough it is expected that the UK construction market will remain challenging, our strong balance sheet, stable and significant cash balances combined with negligible borrowing 鈥� continue to leave the group in an excellent position to exploit profitable opportunities as they arise.鈥�

The contractor pointed to its 鈥渉ighly successful鈥� delivery of the Olympic Stadium as a key milestone, which was 鈥渄elivered ahead of time and under budget鈥�.

The overall results for Newarthill showed a fall in pre-tax profit for the group of more than a quarter from 拢27.4m in 2010 to 拢20.1m last year.

However, revenues for the overall group, including share of joint ventures, rose 9% from 拢779.1m in 2010 to 拢845.5m last year, while underlying group turnover climbed from 拢707m to 拢788.8m.

In the UK, turnover grew 15% from 拢670.2m to 拢771.9m, but fell in the US and Caribbean by more than half to just 拢16.9m.

The results also showed that the number of employees across the group remained relatively stable, falling slightly from 1,996 to 1,956.

As first revealed by 好色先生TV, the contractor鈥檚 recent wins included in partnership with US firm B.L Harbert, as well as the