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.