{"id":484971,"date":"2023-08-31T11:24:36","date_gmt":"2023-08-31T10:24:36","guid":{"rendered":"https:\/\/www.constructionnews.co.uk\/?p=484971"},"modified":"2023-09-13T09:57:41","modified_gmt":"2023-09-13T08:57:41","slug":"mcalpine-opens-up-on-recent-restructure-and-profitability-problems","status":"publish","type":"post","link":"https:\/\/www.constructionnews.co.uk\/contractors\/sir-robert-mcalpine\/mcalpine-opens-up-on-recent-restructure-and-profitability-problems-31-08-2023\/","title":{"rendered":"McAlpine opens up on recent restructure and profitability problems"},"content":{"rendered":"

Many contractors might cast a jealous glance at a pre-tax profit around the \u00a310m mark. Since the end of July, John Sisk & Son, Morrisroe and Erith have all declared losses. Six other CN100 firms have reported falling margins: McAleer & Rushe, Winvic, RJ McLeod, TSL, O\u2019Halloran & O\u2019Brien, and M Group.<\/span><\/p>\n

\n

\u201cEvery single client we used to work with in London is national\u2026 for them, having different regional teams to engage with was a real pain\u201d<\/p>\n

Grant Findlay, Sir Robert McAlpine<\/h4>\n<\/blockquote>\n

However, for Sir Robert McAlpine \u2013 a business that turned over \u00a31.07bn and took on its fair share of risk along the way \u2013 the \u00a39.3m annual profit it announced in late July is a paltry return.<\/p>\n

The 0.86 per cent margin revealed by its results for the year to 31 October 2022 was down from last year\u2019s 0.98 per cent. Although sales jumped 16 per cent by \u00a3150m, profit rose just \u00a3150,000 (up 1.7 per cent) \u2013 meaning it clung on to just 0.1 pence in profit on each additional pound entering the coffers.<\/p>\n

The family-owned company was the victim of a familiar squeeze, neatly summarised by its provisions. Sir Robert McAlpine put aside \u00a311m \u2013 more than it earned in profit \u2013 for jobs on which it expects to lose money. In another sign of the times, it kept back a further \u00a38.8m for remedial work on projects it has already completed. <\/span><\/p>\n

The firm\u2019s chief financial officer Leighton More preferred to blame a familiar cocktail of factors. \u201cThe recovery in activity levels post the global pandemic was tempered by subsequent supply-chain, labour-availability and inflationary pressures,\u201d he said.<\/p>\n

Trimming the fat <\/b><\/span><\/h3>\n

Sir Robert McAlpine is not just banking on stabilisation in material, labour and energy markets to recover its margins. Instead, it is trimming the fat and doubling down on profitable areas of business \u2013 in spring this year it overhauled its structure, so the business now revolves around \u201ctarget sectors\u201d instead of regions.<\/p>\n

The firm\u2019s executive managing director for buildings, Grant Findlay, told CN<\/i> the restructure was not just about cutting overheads but being \u201cbetter aligned with markets that are growing and where we have good, strong existing client relationships\u201d and \u201ccapitalising on those relationships\u201d. <\/span><\/p>\n

\n

\u201cA lower cost base will allow us to navigate the ongoing challenging economic environment, as well as to maximise operating margins\u201d<\/p>\n

Leighton More, Sir Robert McAlpine<\/h4>\n<\/blockquote>\n

A centralised approach to construction helps keep clients happy, Findlay believes. While historically the group had \u201cregional clients, a regional pipeline, a regional supply chain\u201d, he noted that clients now tend to develop buildings in a range of locations.<\/p>\n

\u201cEvery single client we used to work with in London is national: [clients have] got national real estate portfolios, some of them are international, so they\u2019ve gone [geographically] wider. And for them, having different regional teams to engage with was a real pain. They were getting different approaches, even different contract forms being thrown on the table, different overhead profit and all that sort of stuff.\u201d<\/p>\n

By creating sector-based teams, the contractor said it hoped to demonstrate more empathy with its clients. \u201cYou\u2019re talking to our people in our business that really understand your pressures [\u2026] what you\u2019re trying to do with tenants or the governors you are trying to satisfy on your board \u2013 that sort of thing,\u201d said Findlay.<\/p>\n

The sector-based teams are also aimed at creating efficiencies through the consolidation of highly technical knowledge \u2013 for example on how to deliver the specialist building services required in modern hospitals or laboratories. \u201cWe can shortcut some of the things we had to do around checking on projects and making sure that we\u2019re doing the right thing, because now they\u2019re all being supported by a common team and supported in the same way \u2013 so we\u2019ve broken down those silos,\u201d says Findlay.<\/p>\n

The most tangible gain to be reaped through the restructure was, inescapably, the reduction in staff costs \u2013 with more than 30 back-office jobs made redundant.<\/p>\n

\u201cWithin each regional business we had technical support, so were able to look at that technical support as a whole and resize that to be more efficient,\u201d said Findlay. \u201cSo it is in that middle layer [that jobs were lost]\u2026 it was where we had a duplication of effort\u201d.<\/p>\n

In a strategic report that accompanied Sir Robert McAlpine\u2019s accounts, More said the \u201cadaptation and streamlining\u201d of the company would save \u00a320m a year once fully complete in 12 to 18 months\u2019 time.<\/p>\n

\u201cA lower cost base will allow us to navigate the ongoing challenging economic environment, as well as to maximise operating margins, as the global economy recovers from the inflation- and energy-price shock that has impacted the past 12 months,\u201d he added.<\/p>\n

Cutting risk <\/b><\/span><\/h3>\n

For the best part of a decade, Sir Robert McAlpine has sought to reduce losses by taking on more projects in sectors where clients shoulder a greater proportion of risk \u2013 with just under half of the company\u2019s work being conducted through (typically lump-sum) design-and-build (D&B) contracts.<\/p>\n

But the firm has taken on more and more work in the infrastructure and healthcare sectors, where the typical contract forms are NEC with target costs, rather than lump-sum.<\/p>\n

It has also increased its construction management work (for example on the new Museum of London, where Sir Robert McAlpine is not on the hook for the \u00a3100m cost increase announced by the client in May).<\/p>\n

\u201cThose are three big sectors within the business that, while not derisked completely, are different risk modules to the hard-priced D&B,\u201d said Findlay.<\/p>\n

Obviously, all contractors would like to see greater profitability in the sector \u2013 the 1.7 per cent average profit margin seen across the CN100 last year was lower than most sectors and companies. Sir Robert McAlpine would like clients \u2013 especially government \u2013 to appreciate that building at the lowest cost doesn\u2019t create maximum value for them or their suppliers.<\/p>\n

\u201cSuccessful projects are the ones where the client and the contractor work as a team to solve problems and you can\u2019t do that when the contractor is trying to make up the money they haven\u2019t made in the tender because it was done on the lowest cost,\u201d said Findlay.<\/p>\n

\u201cThe government has tried really hard to [use] different procurement models, but it still ends up with preference for lowest cost and it drives behaviour to lowest cost. We need to change [\u2026] and we haven\u2019t seen a lot of evidence of that yet.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Many contractors might cast a jealous glance at a pre-tax profit around the \u00a310m mark. Since the end of July, John Sisk & Son, Morrisroe and Erith have all declared losses. Six other CN100 firms have reported falling margins: McAleer & Rushe, Winvic, RJ McLeod, TSL, O\u2019Halloran & O\u2019Brien, and M Group. \u201cEvery single client …<\/p>\n","protected":false},"author":90383,"featured_media":484973,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"footnotes":""},"categories":[570,542],"tags":[],"class_list":["post-484971","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-interviews","category-sir-robert-mcalpine"],"yoast_head":"\nMcAlpine opens up on recent restructure and profitability problems | Construction News<\/title>\n<meta name=\"description\" content=\"Many contractors might cast a jealous glance at a pre-tax profit around the \u00a310m mark. 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