Sir Robert McAlpine’s operating profit was unchanged at £9.6m while pre-tax profit improved by just 2% from nearly £9.2m in 2021 to more than £9.3m in 2022.
Turnover topped the £1bn threshold, reaching £1,086.9m in 2022 (2021: £937.2m). That 16% growth in turnover is broadly in line with build cost inflation seen throughout the industry last year, suggesting broadly unchanged volumes.
Year-end cash stood at £99.5m (2021: £106.2m) with no debt.
The board said that the results demonstrated “resilience in turbulent and volatile markets”.
Chief executive Paul Hamer said: “In this post pandemic era, the external factors adversely impacting the industry have been unprecedented. The resulting turmoil has affected not only the economy but society as a whole. Despite the challenges, I am proud to say that we have delivered a resilient performance which maintains our profitability from 2021 through to 2022.
“Our resilience is rooted in the strong relationships that we have nurtured with our clients, supply chain partners, consultants, communities and industry peers. Our approach to excellence that underpins every project, Build Sure, has also enabled us to deliver in a constantly changing world.
“The successful restoration of the Elizabeth Tower tops our recent achievements. Preserving one of Britain’s most iconic landmarks for future generations to enjoy has filled everyone associated with the project with pride. In Infrastructure, the milestones we have achieved on the Chiltern tunnels and Colne Valley Viaduct, part of the HS2 C1 package delivered by the Align Joint Venture, have also been cause for celebration.
“More than ever, this testing period has underscored the importance of collaboration. We have focused our efforts on engaging with our clients earlier in the project lifecycle to maximise the value from their projects, and reached out to local communities where we operate to leave lasting, positive legacies. Another significant step has been our collaboration with industry peers to solve construction’s productivity issues, and with specialist experts to tackle the ever-increasing threat of climate change.”
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