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Alfred McAlpine posts losses despite selective tendering

News

ALFRED MCALPINE'S policy of selectively tendering for work failed to prevent it from recording losses on two major projects in 2004, according to results published last week.

The projects were a major building and a roads job, but the contractor declined to say which they were. It is understood they were awarded in 2000 and 2001.

'We have a very strong risk control process, but we work in markets which are not entirely risk free, ' said Alfred McAlpine capital projects director Matt Swan.

Losses on the two projects accounted for £14.5M of a £27M exceptional charge which dragged pretax profits down to £3M last year compared with £30.6M in 2003.

The rest of the exceptional charge related to reorganisation costs and costs relating to the takeover of Ryan Utility Services. Turnover was £947.3M, up from £886.1M.

The contractor said underlying profi ability was strong, and reported profits before exceptional items of £38.2M compared with £36.2M last year.

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