Sir Robert McAlpine looks forward with confidence

We are pleased to announce our financial results 2023-24 today, which show a return to profitability. 

Profit before tax stood at £10.4 million, with a strong cash balance of £143.5 million at the year-end, compared to £100.8m in 2023. We remain debt free. 

• Profit before tax was £10.4 million in 2024 compared to a loss of £104.6 million in 2023  
• Cash remains strong at £143.5 million with no debt  
• The annual turnover was £940 million in 2024 compared to £880 million in 2023 

We have a healthy order book of £1.3 billion and are the preferred bidder for an additional £1.2 billion of work. This momentum has continued into 2024-25, with more than £812.8 million of work delivered or secured, and a further £129 million nearly secured.  

Having been in operation for more than 155 years, we are adept at evolving the business to match changing market and wider economic conditions. Following a strategic review, we launched our Evolving SRM strategy in 2023. Closing out the first year of this five-year strategy with a return to profit represents a solid start as we begin to see the dividends of our transition to a national, sector-focused model and a renewed focus on operational excellence. 

We are expecting this momentum to continue into the current financial year, with positive half-year results. our focus remains on client value, operational excellence in delivery, and targeting the right opportunities for long-term customers who see the benefits of early contractor involvement and a collaborative approach. To drive efficiency, enhance delivery and pass on additional value to clients, we continue to explore and invest in opportunities for operational improvement, including technical innovation.  

Since the end of last financial year, we have secured additional works for Agratas at its state-of-the-art battery cell manufacturing facility in Somerset and have been appointed by Tata Steel UK to deliver a new electric arc furnace-based steel production facility at its Port Talbot plant. We have also been appointed to build a new 90 bed mental health facility at Tolworth Hospital in South West London, and the North East Space Skills and Technology Centre (NESST) in Newcastle.   

After our targets to becoming Net Zero by 2045 were validated by the Science Based Targets initiative (SBTi) in 2023, we were the first Tier 1 contractor to have our entire business certified to the carbon management standard PAS2080. We are focusing on applying our engineering expertise to sustainability and integrating our approach to carbon reduction throughout our operations. This ensures we have robust systems, processes and capability in place to identify and manage carbon reduction opportunities on our projects. Through sustainable engineering excellence, our aims are to reduce our carbon footprint and help clients to achieve their environmental goals.   

Neil Martin, Chief Executive Officer, Sir Robert McAlpine, said: “In response to the turbulence of recent years, in 2023 we implemented our strategy of Focus and Adapt.  We are now starting to see the benefits of this work, as reflected in our stable performance in 2023/24.

“Across the business, our focus remains on client value, operational excellence in delivery and targeting the right opportunities. It is a way of working which allows us to draw deeply on the industry-leading expertise of our supply chain partners all of whom share our commitment to best-in-class delivery.  

“We continue to feel a strong pull from existing and new clients who recognise our ability to deliver sustainable engineering solutions to complex construction challenges. Our pipeline is strong, and I am confident that through the talent and commitment of our people, we are on the path to a bright future.”