Sir Robert McAlpine’s parent company Newarthill has reported a 28 per cent drop in pre-tax profit as highest paid director scooped a 56 per cent pay rise.
Newarthill’s results for the year to 31 October 2008 reveal pre-tax profit of £33 million from £45.9 million the previous year.
The highest paid director enjoyed a 56 per cent pay rise taking home a total package of £1.24 million compared with £794,372 the previous year.
Group turnover dipped to £1.7 billion from £1.8 billion the year before.
Newarthill’s net debt rose to £286.8 million from £28.9 million the previous year largely due to investments in PFI and wind energy.
Interest charges on its loans and overdrafts totalled £45.4 million, up from £34.5 million the previous year.
The average number of employees at the Sir Robert McAlpine owner increased to 2,937 from 2,834 in 2007.
Its construction arm continued to drive the business accounting for £1.25 billion of the total turnover.
The company said that the forward workload remains at a high level. The most significant contract awarded in 2008 was to design and build the main stadium for the London Olympics in 2012.
The accounts said: “Progress is now well under way and the project remains on target for completion of the stadium in the summer of 2011.”
Other contracts of note which have commenced during the year include the extension to the ExCel in London, and in a joint venture, the extension of the M74 in Glasgow.