At a time when the UK construction market is highly competitive, SRM said that they are delighted that the figures tell a very positive story:
• Profit on ordinary activities before tax and exceptional items is £11.2m in 2018 compared to £1.5m in 2017
• The company made a profit of £6.7m compared with a loss of £34.2m in 2017
• Turnover including share of joint ventures was £788m (2017: £852m)
• Cash balances were £73m (2017: £66m) at year end and no debt
The upward curve of our performance puts us in a strong position of financial resilience and is testament to our commitments of delivering quality, safely, on time, and sustainably. This sees us ideally situated to deliver our new business strategy successfully.
This five-year plan, which was introduced by Chief Executive, Paul Hamer, at the end of 2018, sets the path towards achieving our ambition to become 'the best place to work' and 'the best builder'.
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There has been a significant transformation taking place at the heart of the business whilst retaining the fundamental ethos of our family culture which has served us for the past 150 years.
As we are celebrating this milestone 150th anniversary this year, we are particularly conscious of the role that our family culture has played in bringing the best out of our people and being a catalyst for innovation, technical excellence, and trusted, lasting relationships with clients.
Building on our heritage, the business has been keen to evolve and stand out. We have put our people at the heart of our strategic vision and emphasised our focus on the way we collaborate with our supply chain partners and deliver value for our clients. We launched a new website and a refreshed brand identity at the start of 2019. A contemporary Sir Robert McAlpine has emerged that is now enthusiastically looking to the future and guided towards a new era of digital transformation, intent on harnessing data and technology to inspire and improve.
This aspiration to lead by example in the industry is also apparent in the strong ethical standards which we hold dear. For instance, we have been proactively collaborating with key industry bodies in the fight against modern slavery and corruption. We have been championing inclusion and diversity and are committed to inspiring industry wide change, by promoting education, engagement and raising the profiles of the many skilled and talented experts amongst our diverse workforce.
Paul Hamer, Chief Executive, said: "This performance, alongside continued financial resilience and a healthy secured pipeline of work, represents a solid stepping stone to deliver sustained performance and profitability over the years ahead. Our strategy will continue to focus on working with clients who share our business values and ideals and to prioritise profitability and risk mitigation over turnover growth.
"With our new five-year strategy in place, we have the opportunity to build on our strengthening performance as we work to deliver on our ambition to become the best builder in the UK and the best place to work."
