The division's turnover dropped from 拢577m in 2000 to 拢494m last year, according to figures lodged earlier this month with Companies House by McAlpine's parent, Newarthill.
McAlpine is the UK's largest privately owned contractor and has recently won large projects such as the 拢250m Spitalfields Market Development and the 拢120m Arsenal football stadium. A McAlpine/Balfour Beatty joint venture has also been tipped to win a 拢90m deal to redevelop London Bridge station for Railtrack.
The improved contracting performance helped London-based Newarthill to post a pre-tax profit of 拢11.97m last year, against 拢9.34m in 2000. Group turnover increased 拢102m to 拢757m over the period.
The accounts show that Newarthill's wind energy business, which operates mainly in the USA and recently completed a large project in Texas, was the group's second largest arm with turnover of 拢196m but was the most profitable, with an operating profit of 拢9.5m in 2001. The division, called Renewable Energy Systems, made an operating profit of 拢1.4m in 2000.
The operating profit of Newarthill's property division jumped from 拢393,000 in 2000 to 拢1.3m last year but still has some way to go to return to the 拢5.7m made in 1999. Operating profit for the group's PFI investments fell from 拢2.6m to 拢1.8m. The directors' statement said: "This was due to start-up losses on the Dudley Hospital investment being greater than the increase in the profits of other PFI investments."
Newarthill also has a helicopter business, which made 拢1.72m last year on turnover of 拢36.12m.
The accounts revealed that Newarthill had spent 拢11.1m buying back 1.71 million shares to "enhance the value to non-selling ordinary shareholders of their investment in the company".
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