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Alf McAlpine hit for £13m

NEWS

ALFRED McAlpine will shell out £13 million after restructuring its infrastructure services division last year.

The costs have come from a review of commercial operations, which saw its struggling utilities division reorganised.

The operation closed down two loss-making arms ? rail telecoms and street lighting ? and paid to extract itself from an unnamed framework deal.

The company has balanced the books by selling off two PFI equity stakes and its share in Core Utility Solutions for a combined total of £13 million.

Chief executive Ian Grice said he was confident of achieving underlying double digit profit growth in 2005.