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McAlpine upbeat despite profits dip

Sir Robert McAlpine has announced an industry-beating 4.6 per cent contracting operating margin for 2010, despite a dip in turnover and profits.

McAlpine outperformed 2009’s operating margin figure of 3.5 per cent, but pre-tax profits fell nearly a third to £27.4M.

The London Olympic Stadium builder’s private holding company, Newarthill, also reported a decline in turnover in 2010 - down from £1bn to £707M.

McAlpine is expecting a major financial boost in 2011 after completing the 80,000-seat Olympic Stadium. Its largest project was completed on time and within budget.

In a statement, McAlpine said: “In a demanding year the construction division continued its strategy of pursuing work only where margins adequately reflected the inherent risks of the project.

“The outcome of this approach is another profitable year and confidence that the division will continue to trade profitably.”

McAlpine said it had seen an upturn in work opportunities at the end of last year which would see an increase in turnover and order book in 2011.

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